Generating only $21 in revenue in 30 days, FriendTech relinquishes control of contracts
Producing easiest $21 in income in 30 days, FriendTech relinquishes support watch over of contracts Producing easiest $21 in income in 30 days, FriendTech relinquishes support watch over of contracts
Crypto community participants possess criticized the decentralized social media protocol's team handling of the challenge.
Duvet art work/illustration by device of CryptoSlate. Characterize entails blended convey which can doubtless embody AI-generated convey.
On Sept. 8, the team at the help of the decentralized social media protocol Friend.Tech transferred support watch over of its colorful contract to Ethereum’s null address, effectively relinquishing support watch over of the challenge twelve months after its a success open.
In a social media put up on X, the team acknowledged:
“Admin and possession parameters possess been plan to 0x000…000 to prevent any changes to their charges or efficiency within the lengthy scamper.”
Without reference to this, the salvage client at Friend.Tech will continue to operate as smartly-liked. The team also clarified, “No charges from both the colorful contracts or Friend.Tech for the time being dash to the dev team 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, primarily based mostly on CryptoSlate facts at press time.
While the team has no longer offered a transparent reason of this switch, CryptoSlate’s diagnosis of on-chain facts highlights the platform’s steep decline in reputation.
Friendtech’s decline
Friend.Tech, launched in August closing year on Coinbase’s Layer 2 community Irascible, initially received immediate traction within the crypto community.
By September 2023, the protocol’s day-to-day earnings surpassed Ethereum’s, and its prime keys fetched high costs. Around the length, the platform also raised an undisclosed seed round from crypto VC firm Paradigm.
Alternatively, the hype feeble as the platform struggled to preserve momentum. It faced several challenges, including sim swap assaults and mismanaged plans to exit the Irascible blockchain.
These concerns contributed to a sharp decline in person engagement. Dune Analytics facts presentations the platform’s transaction quantity dropped by 99%, and by September, it became as soon as failing to plan new customers.
This decline inadvertently severely impacted income, which fell to excellent $21 over the closing 30 days, primarily based mostly on DeFillama facts. For the length of the identical length, the platform generated decrease than $10,000 in charges.
Crypto community reacts
Friend.Tech’s downfall drew smartly-liked criticism from the crypto community, particularly regarding the team’s handling of the challenge.
Calvin Chu, a core builder at Unimaginable Finance, voiced his disappointment, asserting, “Friend.Tech had change into more of a lab experiment than a gradual social finance challenge.” He further expressed frustration over being “rugged” by the resolution to shut down future upgradeability, which, in his look for, ended any hope for further pattern.
Equally, Mikko Ohtamaa, the CEO of Procuring and selling Strategy, added that Friend.Tech became as soon as a first-rate example of monetizing hype and immediate cashing out.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doable. He imparts insights on heaps of issues take care of DeFi, hacks, mining and culture, underlining transformative energy.
Liam 'Akiba' Wright
Furthermore is named "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized skills has the capacity to secure smartly-liked certain commerce.
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