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On September 10, 2024, friend.tech, a prominent player in the âSocialFiâ sector, saw its team effectively exit by transferring control to a burn address. This action ensures that no future changes to the platformâs fees or functionality can be made. While the web client will continue to operate normally, the move has been widely interpreted as abandonment, leaving future development impossible.
The friend.tech team claimed the transfer was to prevent modifications, but the crypto community sees it as a major exit strategy. Notably, investments from Paradigm significantly boosted the project, helping it amass over $60 million in fees. Despite recent reassurances from the team about the web appâs continuity, the project's revenue has drastically dropped from $2 million daily to under $2,000, and the FRIEND token has plummeted from $3 to $0.08.
With development halted and the protocol unchangeable, the future of friend.tech seems bleak. Investors and users should stay alert for any updates or remaining activity.
#friend.tech #socialfi #CryptoMarketMoves #BullBanter #Write2Earn!
