Friend.Tech team gives up control
According to The Block, the development team of Friend.Tech, a SocialFi project based on the Base network, executed a function on the platform's smart contract early on September 8 to transfer its control to the null address of Ethereum. Effectively locks down the current system, preventing further changes. The team clarified in the X Platform announcement:
"Currently, neither smart contracts nor website revenue will flow to the multi-signature address of the Friend.Tech development team."
Admin and ownership parameters have been set to 0x000…000 to prevent any changes to their fees or functionality in the future. This change does not affect the separate web client operated at https://t.co/YOHabcBL3H which will continue to function as is. No fees from either…
— friend.tech (@friendtech) September 8, 2024
While it looks like the platform will continue to operate, it is almost unlikely that other new features will be deployed now that control has been revoked. Giving up protocol control is one of the ways to realize the vision of "decentralization" for mature protocols or applications, but for a protocol with a weak user base and room for improvement in protocol functions, it will be considered The possibility of future improvements to the project is abandoned. Therefore, after Friend.Tech announced this news, its token FRIEND fell by more than 30% in the past 24 hours, with its market value falling below $6 million.
Big Brother Moji, the biggest whale on the list, suffered heavy losses
The person who was most harmed by Friend.Tech was Huang Licheng, the eldest brother of Maji, the biggest whale on the position list. According to previous reports by Zombit, as of mid-August, Huang Licheng spent a total of 5,211 ETH to buy 11.16 million FRIEND tokens. Calculated at the current market price, these FRIEND tokens are only worth 278 ETH (approximately US$640,000), resulting in a loss of over 15 million. US dollars, and due to insufficient liquidity, the actual exit value will be lower.
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