Token Plummets 30% After Smart Contract Control Transfer

FriendTech, a decentralized social network, experienced a significant 30% drop in its native token FRIEND on Monday.

The decline followed the platform’s decision to relinquish control over its smart contracts. This change, which involved transferring control to an Ethereum null address, has led to a negative impact on the token’s price.

According to a September 8 X post from FriendTech, the smart contracts were set to a null address to prevent future modifications.

However, this change does not affect the web client operating under “friend.tech,” and no fees are currently directed to the development team’s multisig wallet.

The platform, launched on Coinbase-backed Base, now faces challenges with the possibility of no new features being added.

As a result, FRIEND’s price fell by 40% to around $0.07969. Additionally, daily transactions on the network have hit a yearly low, reflecting the token’s declining performance and overall bearish sentiment.