Friend.Tech, the Web3 social network that saw a boom in activity one year ago and became a prominent player in the industry, has been essentially shut down as a result of its creators relinquishing control over its smart contracts.
At initially, the platform saw phenomenal expansion; however, subsequent events, such as the debut of Version 2 and an airdrop that was less than impressive, failed to elicit the same degree of excitement.

A little over a year after its first and successful debut, the Web3 social network known as Friend.Tech, which allowed users to exchange tokens for 'keys' to the feeds of powerful persons, has been essentially shut down.

Early on September 8, the creators of Friend.Tech invoked a function on the smart contracts of the platform. This function moved their ownership to Ethereum's null address, thus locking the existing system in place and preventing any future modifications from being made. According to the clarification provided by the company in their announcement post on X, "at this time, the friend.tech development team multisig does not receive any fees from either smart contracts or [the website]." In spite of the fact that the platform will seem to continue operating normally, the fact that control has been revoked makes the addition of new features very improbable, if not completely impossible.

In August of last year, Friend was introduced on the Layer 2 network Base, which is supported by Coinbase.It didn't take long for the crypto community to take a like to technology. When the 15th of September, 2023 rolled around, the daily revenues of the protocol had surpassed those of Ethereum itself and its top key, which is what opens the feed of Friend.At the time, the pseudonymous co-founder of Tech, Racer, was sold for 8.9 eth, which is equivalent to $14,500. However, the amount of the seed round that the protocol obtained from the cryptocurrency venture capital company Paradigm was not released.

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