Friend.tech’s FRIEND tokens will be low as the team relinquishes control over smart contracts

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Friend.tech’s FRIEND token has hit a new all-time low, falling more than 30% to $0.059 in the past 24 hours, CoinGecko data shows. The drastic drop in value comes as the team went out of business just a year after its successful launch.

On September 8th, the Friend.tech team transferred control of their smart contracts to the Ethereum null address, a known burn address, indicating the permanent end of their control of the contracts. The move effectively ended the platform’s ability to add features or fix bugs.

Friend.tech claimed it blocked the platform’s smart contracts to “prevent any changes to their fees or functionality in the future.” No further statements were issued following the move.

Debuted last August on Base, Friend.tech is a SocialFi platform that allows users to buy and sell shares of social media profiles. The project quickly gained popularity, attracting over 100,000 users and earning over $2 billion in toll revenue shortly after launch.

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

The project later removed the announcement to move away from Base. The team said in early July that it would continue to use the Base L2 network for the FRIEND token. With the announcement came even more uncertainty, leading to a 25% drop in FRIEND’s value at the time, CoinGecko data shows.

FRIEND’s market cap has fallen from about $233 million at launch to $5.6 million at the time of reporting.

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