On September 9th, according to The Block, the developers of the Web3 social network Friend.Tech gave up control of smart contracts, and the platform has basically shut down. Despite the initial growth, the V2 version release and airdrop failed to rekindle user enthusiasm.
On September 8, developers invoked the smart contract feature to transfer control to an empty Ethereum address, locking down the current system and preventing further changes. The team clarified in an announcement on the X platform: "Currently, any fees from smart contracts or websites will no longer flow to the multi-signature wallets of the Friend.Tech development team." While the platform appears to continue to function, the relinquishment of control has made it all but impossible to introduce new features.
The agreement has only generated about $60,000 in fees since June, according to The Block. The revocation of contract ownership prevents new teams interested in adding features to the social platform from acquiring it.
Friend.Tech developers relinquish control of smart contracts, the platform has largely shut down
2024-09-09 01:30:49
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