They announced the locking of admin and owner rights, assigning them to a null address.
The platform is virtually inactive—users make very few transactions, and the protocol no longer generates revenue from fees.
The transfer of smart contract control to the community, token distribution, and the launch of the second version failed to reignite the project’s previous enthusiasm. Furthermore, the locking of rights has eliminated the possibility of selling Friend Tech in the future.
The FRIEND token dropped 26% in the past 24 hours, once again hitting a new all-time low.
Friend Tech is a decentralized platform created to facilitate social interaction and digital asset trading on the blockchain. Initially, the project gained attention for its innovative approach to merging social networks with financial tools. However, over time, interest in the platform waned due to a lack of updates and competition from other projects.
The developers’ decision to give up control over the smart contracts was aimed at enhancing decentralization and transferring governance to the community. Despite this, the move failed to revive activity on the platform. Users have expressed frustration over the lack of new features and decreasing liquidity.
Blockchain technology experts note that significant changes in the development strategy are required to restore Friend Tech’s market position. Potential solutions include the introduction of new technological innovations, partnerships with other projects, and active engagement with the community to better understand their needs.
With the continued decline in the value of the FRIEND token, investors are left in a state of uncertainty. The future of the project depends on the team’s ability to adapt to current market conditions and regain users’ trust.
