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Friend.tech

Social media platform Friend.Tech says it has no plans to shut down its web app, reassuring users that smart contract changes will not impact current functionality or fees.
Web3 social media platform <a href="https://crypto.news/tag/friend.tech/" target="_blank" rel="noopener noreferrer nofollow">Friend.Tech</a> has reassured users that it has no plans to discontinue its web app, following concerns that recent changes to its smart contracts might signal a shutdown.
In a Sept. 10 <a href="https://x.com/friendtech/status/1833259362711986335" target="_blank" rel="noopener noreferrer nofollow">post</a> on X, the platform’s developers confirmed that the app will continue to function as usual and that there will be no impact on current operations or the introduction of new fees due to the changes made to its <a href="https://crypto.news/tag/base/" target="_blank" rel="noopener noreferrer nofollow">Base</a>-based smart contracts.
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 We hear your questions about <a rel="noopener noreferrer nofollow" href="https://t.co/YOHabcBL3H" target="_blank">https://t.co/YOHabcBL3H</a>. Here's what you need to know: 1. We have no plans to shutter or discontinue the <a rel="noopener noreferrer nofollow" href="https://t.co/YOHabcBL3H" target="_blank">https://t.co/YOHabcBL3H</a> web app. 2. The actions below guarantee that no future changes can be made to smart contracts deployed on Base which… <a rel="noopener noreferrer nofollow" href="https://t.co/FK9omMDG7X" target="_blank">https://t.co/FK9omMDG7X</a>— friend.tech (@friendtech) <a href="https://twitter.com/friendtech/status/1833259362711986335?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 9, 2024</a>
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The statement comes after Friend.Tech <a href="https://crypto.news/friend-tech-team-relinquished-smart-contract-management/" target="_blank" rel="noopener noreferrer nofollow">appeared</a> to be effectively shuttered on Sept. 8, when developers transferred control of the platform’s smart contracts to <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>‘s null address, basically locking the system in place, preventing future updates to the platform.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/friend-tech-moved-almost-50-of-its-fees-to-coinbase-as-tvl-slashed-by-half/"> Friend.tech moved almost 50% of its fees to Coinbase as TVL slashed by half </a>
Launched in August 2023, Friend.Tech quickly gained traction by allowing users to purchase “keys.” Their holders get access to closed channels and exclusive content. After registration, platform users can start selling their shares to other participants or buying “keys” to the accounts they are interested in.
The platform experienced a surge in user activity early on, with daily earnings even surpassing Ethereum’s at one point. The model, which allowed users to trade keys to access private feeds, created a unique monetization avenue for influencers in the web3 space.
However, user activity has declined since its peak, and the platform has struggled to maintain momentum. Despite these challenges, Friend.Tech emphasized that while no new features will be introduced due to the contract changes, the platform will remain fully operational. The reassurance has positively impacted the platform’s native token, (<a href="https://crypto.news/price/friend-tech/" target="_blank" rel="noopener noreferrer nofollow">FRIEND</a>), which soared by 60%, reaching $0.097 following the statement.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/friend-tech-team-relinquished-smart-contract-management/"> End of an era: The Friend.Tech team relinquished smart contract management </a>

FRIEND surges 60% as FriendTech dismisses shutdown rumors

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