Friend.Tech Gives Up Control Over Smart Contracts

Bittime - Friend.Tech gave up control of its smart contracts and permanently shut down the platform. Even though it had surpassed Ethereum's daily revenue, the Web3 social networking platform had difficulty maintaining user activity even though it had launched the V2 version and carried out an airdrop. For more details, read more in this article!

Friend.Tech Gives Up Control Over Smart Contract

According to the latest news from Deep Trend TechFlow, quoted by The Block, the Web3 Friend.Tech social network development team officially took over its smart contracts. 

This process is carried out after the developer calls a smart contract function, which transfers control completely to the Ethereum address. With this action, the system is locked, no more changes are made, and the platform is closed.

Friend.Tech Announcement Shocks Crypto Community

The Web3 and crypto communities were shocked by the announcement. The development team acknowledged that this decision was inevitable. 

Friend.Tech, which launched on Base, a Layer 2 network powered by Coinbase, in August 2023, caught the attention of the crypto community. 

During the peak of its popularity, the platform recorded incredible performance; even on September 15, 2023, its daily revenue surpassed Ethereum. 

Read Also: GemZ Daily Combo 7 September: Hurry and Claim!

Friend.Tech Having Difficulty Maintaining Activity

However, after the initial euphoria, the platform struggled to maintain trading activity and speed. Even though the V2 version has been released and there is an airdrop.

These efforts were unsuccessful in regaining users' attention. A far cry from its glory days, the platform made just $60,000 in deal fees in June.

Conclusion

Friend.Tech, the Web3 social network that caught the attention of the crypto community initially, now has full control over its smart contracts. This signals a permanent shutdown of the system. 

Although at the highest point of its popularity, the platform managed to surpass Ethereum's daily revenue, but after the initial euphoria faded, it faced difficulties maintaining user activity and attracting user attention.

Although the development team launched the V2 version and conducted airdrops to attract back users, the efforts did not yield significant results. 

In the end, Friend.Tech only made $60,000 in June far short of its former glory which shocked the crypto community and demonstrated the continued difficulty of maintaining the long-term appeal of the Web3 platform.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.