Friend.tech’s recently transferred its ownership over smart contracts to ETH’s null address.
The move led to a significant dip in its token FRIEND, around 30% over the past day.
Friend.tech, the Web3 social media platform that once surged to prominence, experienced a dramatic downfall after its developers lost control of its smart contracts.
On September 8, the team transferred ownership of its smart contracts to Ethereum’s null address. The action was done to prevent future changes to the platform’s fees or functionality. The team clarified, that no fees from the smart contracts are directed to the development team’s multi-sig wallet.
Further, the move has led to a significant drop in the value of Friend.tech’s native token, FRIEND. It has dipped nearly 30% in the past 24 hours, now trading at $0.06, at the time of writing.
The token’s market cap has drastically fallen from $233.6M shortly after its launch to just $6.3M. The total value locked (TVL) has al
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