FriendTech, a decentralized social network platform, saw a remarkable 30% dip in its native token FRIEND on Monday. As the Web3 firm’s community announced that it ditched control of smart contracts recently, a bearish trajectory engulfed the native token price. This loss of smart contracts is primarily attributable to a function executed on the project’s ecosystem.
FriendTech Developers Renounce Smart Contracts
According to an official X post by FriendTech dated September 8, “Admin and ownership parameters have been set to address 0x000…000, to prevent any changes to the fees or functionality in the future.” This aligns a function executed on the platform’s smart contracts that transferred their control to an Ethereum null address.
However, the team clarified that this transfer of control does not affect the separate web client that operates under the domain “friend.tech.” Moreover, no fees from either smart contracts or this domain currently go to the dev team multisig
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