📣 Friend.Tech Developers Relinquish Control
posted 9 Sept 2024
The developers of the Web3 social network Friend.Tech transferred control over the project’s smart contract to Ethereum's null address, effectively freezing the platform. This move means no further updates or modifications can be made, and all future revenue will be burned.
This change does not affect the separate web client which will continue to function as is,the developers clarified.
Friend.Tech launched a year ago on the L2 network Base and quickly gained traction, achieving daily revenue of $14,000 just one month after launch. Estimates suggest the developers earned around $20 million from transaction fees alone. Earlier this year, they also released their own token and conducted an airdrop.
However, the project has recently experienced a drop in user activity, with revenue over the last three months totaling only $60,000. Many users see the transfer of control to the null address as the effective shutdown of the project.
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