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On Sept. 8, the workforce behind the decentralized social media protocol Good friend.Tech transferred management of its sensible contract to Ethereum’s null tackle, successfully relinquishing management of the challenge one 12 months after its profitable launch.
In a social media publish on X, the workforce acknowledged:
“Admin and possession parameters have been set to 0x000…000 to stop any modifications to their charges or performance sooner or later.”
Regardless of this, the online shopper at Good friend.Tech will proceed to function as ordinary. The workforce additionally clarified, “No charges from both the sensible contracts or Good friend.Tech at the moment go to the dev workforce multisig.”
Following the announcement, the platform’s native token FRIEND plummeted by over 47% in 24 hours, reaching an all-time low of $0.06026, in accordance with CryptoSlate knowledge at press time.
Whereas the workforce has not offered a transparent purpose for this transfer, CryptoSlate’s evaluation of on-chain knowledge highlights the platform’s steep decline in recognition.
Friendtech’s decline
Good friend.Tech, launched in August final 12 months on Coinbase’s Layer 2 community Base, initially gained speedy traction within the crypto neighborhood.
By September 2023, the protocol’s day by day earnings surpassed Ethereum’s, and its high keys fetched excessive costs. Across the interval, the platform additionally raised an undisclosed seed spherical from crypto VC agency Paradigm.
Nonetheless, the hype pale because the platform struggled to take care of momentum. It confronted a number of challenges, together with sim swap assaults and mismanaged plans to exit the Base blockchain.
These points contributed to a pointy decline in consumer engagement. Dune Analytics knowledge reveals the platform’s transaction quantity dropped by 99%, and by September, it was failing to draw new customers.
This decline inadvertently severely impacted income, which fell to simply $21 during the last 30 days, in accordance with DeFillama knowledge. Throughout the identical interval, the platform generated lower than $10,000 in charges.
Crypto neighborhood reacts
Good friend.Tech’s downfall drew widespread criticism from the crypto neighborhood, significantly relating to the workforce’s dealing with of the challenge.
Calvin Chu, a core builder at Unattainable Finance, voiced his disappointment, saying, “Good friend.Tech had develop into extra of a lab experiment than a real social finance challenge.” He additional expressed frustration over being “rugged” by the choice to close down future upgradeability, which, in his view, ended any hope for additional improvement.
Equally, Mikko Ohtamaa, the CEO of Buying and selling Technique, added that Good friend.Tech was a first-rate instance of monetizing hype and rapidly cashing out.
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