FRIEND token price of FriendTech, a decentralized social network platform, fell by 30% after the platform announced it had relinquished control of smart contracts
An adverse trajectory enveloped the native token price as the Web3 firm’s community recently announced that it had relinquished control of smart contracts. The primary cause of this loss of smart contracts is a function that occurred within the project’s ecosystem.
Developers at FriendTech Reject Smart Contracts
In an official X post dated September 8, FriendTech stated, “Admin and ownership parameters have been set to address 0x000…000, to prevent any changes to the fees or functionality in the future.”
This restores the functionality of the smart contracts on the platform, which transferred their control to an Ethereum null address.
This transfer of control, the team clarified, does not affect the distinct web client that operates under the domain “friend.tech.”
Additionally, the announcement stated that the dev team multisig wallet does not presently receive any fees from smart contracts or this domain.
Coinbase-backed Layer 2 Base, which launched the web3 social network FriendTech, has experienced a substantial setback in the web3 space.
By transferring the authority of smart contracts, there is a high likelihood that the platform will refrain from introducing new features. This has harmed the market and has ignited user distress.
FRIEND token price drops
At the time of publication, FRIEND had experienced a 40% decline in value over the previous 24 hours and is currently trading at $0.07969.
The coin’s intraday low and high were $0.06026 and $0.3065, respectively. It is worth noting that the coin’s 24-hour trading volume has increased by 87.65% in the past day, reaching $489,915.
Additionally, the platform’s implementation of new features is doubtful due to the waning price movement, which is consistent with the transfer of control from its smart contract.
According to data from Into The Block, the number of daily transactions on the network has reached a record low this year, consistent with the native token’s declining movement.
The project’s development has stagnated despite earlier this year’s FriendTech V2 launch and airdrop. Investors have expressed an overall apprehension regarding the token’s recent adverse sentiment.
