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Key takeaway: http://Friend.Tech, a Web3 social network that was all the rage a year ago, has now been shut down after its developers relinquished control of the platform's smart contracts.
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Current Status: On September 8, 2024, the http://Friend.Tech development team transferred control of the platform's smart contract to a null address on Ethereum, locking down the current system and preventing any future changes. While the platform may still function, implementing new features is now impossible.
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Early Developments: http://Friend.Tech, launched in August 2023 on Coinbase's Layer 2 network, quickly attracted the attention of the crypto community. By mid-September 2023, the platform's daily turnover surpassed that of Ethereum, and a top "key" was sold for 8.9 ETH (about $14,500).
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Problems arose: After the initial boom and when the development team had collected at least $20 million in transaction fees, the platform began to struggle to maintain trading activity. Version 2 of the platform did not gain the same enthusiasm and the platform token price plummeted. Plans to move to a private blockchain (FriendChain) were abandoned when the developers decided to continue using Base.
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Current Situation: Revenue from transaction fees has only reached around $60,000 since June, and the current platform's revival seems difficult, especially since ownership of the contract has been relinquished, preventing a takeover by a new team looking to add features to the social platform.
Source: The Block
#Friend #FriendTech #binance #Web3
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