The Friend.Tech team relinquishes control over the smart contract after growth stagnation

ChainCatcher news, according to The Block, the developers of the Web3 social network Friend.Tech have relinquished control over the smart contracts, effectively shutting down the network. Despite an initially rapid growth, the release of version V2 and the airdrop failed to reignite user enthusiasm.

On September 8, the developers invoked the smart contract functionality to transfer control to an empty address on Ethereum, locking the current system and preventing further changes. The team clarified in an announcement on the X platform: "Currently, any fees from the smart contract or website no longer flow to the multi-signature wallet of the Friend.Tech development team." Although the platform appears to continue operating, the relinquishment of control has made it nearly impossible to introduce new features.

According to data from The Block, since June, the protocol has generated only about $60,000 in protocol fees. The revocation of contract ownership has blocked new teams interested in adding features to the social platform from acquiring it.