The Friend.tech FRIEND token tanks to record low when the group relinquishes control of smart contracts

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The price of FRIEND token has decreased by more than 30% in the last 24 hours. Friend.tech has moved modern contract control to a burned address, ending platform updates.

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Friend.tech's FRIEND token has arrived brand new An all-time low, down 30% to $0.059 in the past 24 hours, CoinGecko data shows. The biggest drop in value comes after the team abandons its smart contract controls. Basically A year after its successful launch, it ceased operations.

On September 8, the Friend.tech team transferred control of their smart contracts to the Ethereum null address, a well-known burned address, which means they are permanently ceasing control over the contract. The move effectively ended the platform's ability to add features or fix bugs.

Friend.tech said they locked down the platform's smart contracts to “prevent future changes to their fees or functionality.” No further statements were made following the move.

Launched by Base in August last year, Friend.tech is a social-fi platform that allows users to buy and sell shares of social media profiles. Shortly after its launch, the project attracted more than 100,000 users and earned more than $2 billion in revenue.

In June of this year, the group announced plans to develop its own blockchain called “Friendchain”. The decision sparked confusion about its future and negatively impacted the value of the FRIEND token.

The project later removed the announcement that Bassey was moving away. The team said in early July that they will continue to use the Base L2 network for the FRIEND token. The announcement came with even more uncertainty, causing FRIEND's price to drop 25% at the time, CoinGecko data shows.

FRIEND's market cap has fallen from around $233 million at launch to $5.6 million.

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