Friend.Tech, a decentralized social platform, has been controversial since its launch. Yesterday (8th), another shock bomb was thrown. The development team voluntarily gave up control of smart contracts, allowing the once-famous platform, which was launched only a year ago, to Now it is almost useless.
At around 8:30 in the morning on September 8, the Friend.Tech development team called a function on the platform's smart contract to transfer control to the Ethereum "black hole address", locking the system and preventing any further changes. The team later announced on social platform X:
Currently, fees charged by smart contracts or websites will no longer flow into the multi-signature wallet of the Friend.Tech development team.
While the Friend.Tech platform appears to be still operational, the lack of control by the development team means it is almost impossible to introduce any new features to the platform.
As soon as the news was exposed, the price of Friend.Tech's native token FRIEND plummeted. As of writing, it was US$0.06395, a drop of more than 20% in the past 24 hours.
The Glory and Fall of Friend.Tech
In August last year, Friend.Tech was launched on the Layer 2 network Base supported by Coinbase, quickly setting off a craze in the cryptocurrency community. In just one month, the daily revenue of the protocol has surpassed Ethereum itself. However, in After the craze subsided (developers earned at least $20 million in protocol fees), trading activity on the platform fell off a cliff.
In May of this year, Friend.Tech officially released the new V2 version and simultaneously issued airdrops of the native token "FRIEND" to users. Soon after, co-founder Racer hinted that he intended to withdraw from Base and migrate to other networks, resulting in a violent decline in the native token FRIEND. down. Although the FriendChain plan was later canceled and the development team ultimately chose to stay at Base, the launch of V2 and the token airdrop only briefly attracted some users to return.
According to data from The Block, Friend.Tech has only generated about $60,000 in protocol fees since June. Now that smart contract control has been revoked, it also makes it difficult for the platform to be taken over by other teams.
"Big Brother Maji" Huang Licheng lost at least US$15 million
The outside world believes that Friend.Tech may have come to an end, and the one who has been hardest hit is Huang Licheng, the "big brother of Maji". According to previous monitoring by Lookonchain, from May 3 to June 8, Huang Licheng spent a total of 4,975 Ethereum coins (approximately US$15.6 million) to purchase 8.6 million FRIEND. After that, he continued to buy FRIEND in small amounts to provide liquidity. A total of 11 million FRIENDs are currently held.
If calculated based on the currency holdings on June 8 and FRIEND's current currency price of US$0.05947, Huang Licheng's previous purchase of FRIEND for US$15.6 million is now only worth US$510,000, with a floating loss of at least US$15 million.
〈Friend.Tech gives up control of smart contracts! "Brother Maji" holds tens of millions of FRIENDs and suffers a huge loss> This article was first published on "Block Guest".
