By Philip Maina
2 weeks agoTue Sep 10 2024 10:42:19
Checking out Time: 2 minutes
The developers of blockchain-based and crypto-centric social networks network Friend.tech have actually revealed that they’re leaving the task. This comes 4 months after the job released its own token, FRIEND, whose worth has actually plunged by over 95% from its peak. The group divulged that they have actually moved the task’s ownership to a null blockchain address to avoid additional modifications or upgrades, something that might efficiently render Friend.tech dead.
$36 Million Transferred to Coinbase
In an X post, the group exposed that the social media’s web customer “will continue to work as is,” including that the group will no longer pocket the charges produced on the platform. Far, Friend.tech has actually created around $90 million in charges with close to 50% of the quantity going to the dev group.
Admin and ownership specifications have actually been set to 0x000 … 000 to avoid any modifications to their charges or performance in the future.
This modification does not impact the different web customer ran at https://t.co/YOHabcBL3H which will continue to operate as is. No costs from either …
— friend.tech (@friendtech) September 8, 2024
According to analytics platform Arkham Intelligence, Friend.tech dev group’s wallet presently holds around $195,000 in various tokens. The wallet has actually moved $36 million to cryptocurrency exchange Coinbase within the last 8 months.
Twitter accounts coming from pseudonymous staff member like Racer and Shrimp have actually either been erased or made personal. The Friend.tech group’s relocation has actually fired up a discussion within the crypto neighborhood with some relating the transfer to a total shutdown of the task.
Acquisition Suggestion Ignored
Others saw it as “a sluggish carpet [pull] due to legal functions.” Some believe that the group would have chosen an acquisition rather of “eliminating the possible to create income.”
Due to the fact that the group has no interest in establishing the platform, the very best case circumstance for users was an acquisition.
By getting rid of the possible to produce profits you’ve eliminated this possibility.
Deserting the task however keeping the servers on is no much better than shutting it down
— flippen (@flippen6485) September 9, 2024
Friend.tech’s relocation comes 7 months after Ethereum co-founder Vitalik Buterin stated that decentralized social networks platform Farcaster has an exceptional operating design than Friend.tech, including that Farcaster has a future.
Friend.tech’s appeal was shortlived and at one time the group threatened disloyal users in a quote to prop up its significance after deals visited 90%.
With the Friend.tech group moving the task’s code to a null address,
2018, BidPixels