Friend.Tech

Friend.Tech’s decision to relinquish control over smart contracts has raised concerns of a potential soft rug pull, with mixed reactions from the community and a notable increase in the platform’s token value.

Friend.tech’s decision to relinquish control over its smart contracts marks the end of its development, leaving the platform in a static state. Despite early success, the project struggled to maintain user engagement and saw a significant drop in both activity and token value.

Friend.Tech transferred control of its smart contracts to Ethereum's null address, locking the system in place and preventing further changes. With its token value plummeting, a revival seems unlikely, signalling a slow demise for the platform.

Friend.Tech has seen over $1M TVL loss in less than 24 hours. And plans to leave the Base network for its own chain, followed by news of a reversal, further destabilised the FRIEND token, hitting a new all-time low. Is it time to say goodbye to Friend.Tech?

The decentralized social platform Friend.tech's token FRIEND has been continuously falling since its launch in May this year. In the past month alone, it has plummeted more than 56%. This has resulted in substantial losses for the well-known artist Machi Big Brother Huang Licheng, who repeatedly bought in, anticipating FRIEND to reach $10. Currently, his FRIEND holdings have an unrealized loss of $7.7 million.

Friend.tech's co-founder has hinted at leaving Base, causing the token to plummet. Given its flawed revenue structure and tumultuous relationship with Base, could this be the beginning of the end of Friend.tech?

Friend.Tech, launched in 2023, uses "keys" for monetizing social interactions, attracting significant initial interest but facing challenges in sustaining engagement and revenue ahead of its version 2 launch.

Friend.tech TVL dropped to US$33.98 million, a 19.5% decrease from US$42.25 million on November 18, within the last two days.

Friend.tech faces a phishing surge as attackers pose as journalists, targeting Key Opinion Leaders to compromise user credentials and risk fund theft. SlowMist warns of a cunning strategy, urging heightened awareness and security measures to combat the threat.