Friend.Tech platform is “basically closed” after developers give up control of smart contracts

BlockBeats news, September 9, according to The Block, the developers of Web3 social network Friend.Tech gave up control of smart contracts and the platform has basically shut down. Despite the initial rapid growth, the release of V2 and the airdrop failed to rekindle user enthusiasm.

On September 8, the developer called the smart contract function to transfer control to Ethereum's empty address, locking the current system and preventing further changes. The team clarified in the announcement of the X platform: "Currently any fees from smart contracts or websites no longer flow to the multi-signature wallet of the Friend.Tech development team." Although the platform seems to continue to operate, the abandonment of control makes it almost impossible to introduce new features.

According to data from The Block, the protocol has only generated about $60,000 in protocol fees since June. The revocation of contract ownership prevents new teams that intend to add features to the social platform from acquiring the platform.