The news has dropped, resonating like a thunderclap for users and investors: Friend.Tech, the SocialFi platform, is ceasing operations. In September 2024, the developers decided to freeze the smart contracts, thus putting an end to any future developments. This decision had an immediate impact on the price of their native token FRIEND, which saw its value plummet drastically.
Freezing smart contracts: the end of the adventure
In September 2024, the Friend.Tech team decided to lock the smart contracts, transferring their control to a null address on the Ethereum network, the address
0x000...000
. This gesture marks the unequivocal end of any possibility to modify the fees or functionalities of the platform. For many users, this announcement was perceived as a true betrayal.
An immediate financial impact
The decision to freeze the smart contracts led to a significant drop in the value of the FRIEND token. A 28% devaluation was observed immediately after the announcement. For investors, this sudden decline is a direct reflection of the loss of confidence in a project now without a future.
The reasons for abandonment
If Friend.Tech decided to halt its development, it is partly due to the criticisms and controversies surrounding the platform. The project, launched with enthusiasm and allowing the monetization of communities, quickly became the target of heated debates, criticized for its transaction fee practices (5% on each operation). The implementation of layer 2 Base ultimately did not suffice to convince the user base.
Community reactions
The reactions were swift. On forums and social media, users expressed both their disappointment and anger. This hasty closure leads some to question the viability of SocialFi platforms and, more broadly, the future of Web 3. Others feel cheated, having invested time and money into a project they believed would be promising.
