According to BlockBeats, on September 9, The Block reported that the developers of Web3 social network Friend.Tech gave up control of smart contracts and the platform has basically shut down. Despite the initial rapid growth, the release of V2 and the airdrop failed to rekindle user enthusiasm.
On September 8, the developer called a smart contract function that transferred control to an empty Ethereum address, locking the current system and preventing further changes. The team clarified in the X platform announcement: “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 to operate, the relinquishment of control makes it almost impossible to introduce new features.
According to The Block, the protocol has only generated about $60,000 in protocol fees since June. The contract ownership revocation prevents new teams interested in adding features to the social platform from acquiring the platform.
