The FRIEND token from Friend.tech dropped by 30% following the platform's shutdown

The FRIEND asset of the Friend.tech platform has dropped in value by 30% over the past day, reaching a price of $0.059. The decline occurred after the project team transferred control of the smart contracts to an Ethereum burn address, effectively ceasing the platform's operations.

Transfer of control over smart contracts

On September 8, the Friend.tech team transferred control of its smart contracts to a zero address, which removed the possibility of future updates or adding new features. The project explained this move as necessary to prevent any changes in the future.

Rapid success and quick decline

Launched in August last year on the Base platform, Friend.tech quickly gained popularity as a SocialFi platform that allowed users to buy and sell shares of social profiles. The project attracted over 100,000 users and earned more than $2 billion in fees.

Problems began after the announcement of developing their blockchain — Friendchain. This led to a sharp drop in the asset’s price and increased uncertainty following the abandonment of this plan.

Since its launch, the market capitalization of the FRIEND cryptocurrency has fallen from $233 million to $5.6 million, raising doubts about the project's future and its participants.