Key Points
Friend.Tech’s Future Operations
Friend.Tech, a social media platform on the Web3, has confirmed that it will not discontinue its web application. This statement was made in response to concerns that recent alterations to its smart contracts could indicate a possible shutdown. In a post on X, the developers of the platform reassured that the application will continue to operate as usual. They also stated that there will be no impact on current operations or additional fees due to changes in the Base-based smart contracts.
On September 8, it seemed as though Friend.Tech was effectively closed. This occurred when developers transferred control of the platform’s smart contracts to Ethereum‘s null address. This action essentially locked the system, preventing future updates to the platform.
Friend.Tech was launched in August 2023. It quickly gained popularity by allowing users to buy “keys”. These keys grant access to exclusive content and closed channels. After registering, users can sell their shares to other participants or buy “keys” to accounts they are interested in.
The platform saw a surge in user activity early on. At one point, its daily earnings even surpassed those of Ethereum. The model, which let users trade keys for access to private feeds, created a unique monetization opportunity for influencers in the web3 space.
However, user activity has decreased since its peak. The platform has had difficulty maintaining momentum. Despite these challenges, Friend.Tech stressed that while no new features will be introduced due to the contract changes, the platform will continue to operate fully. This reassurance had a positive effect on the platform’s native token, FRIEND. Following the statement, it surged by 60%, reaching $0.097.