Author: Brayden Lindrea, CoinTelegraph; Compiler: Wuzhu, Golden Finance
The token of encrypted social media platform friend.tech plummeted after its team transferred the management and ownership of its smart contracts to an empty address on Ethereum - permanently giving up any control over them.
Friend.tech said on X that day that the transfer took place on September 8, The purpose is to "prevent any future changes to its fees or functionality."
After the transfer, the platform's token FRIEND fell nearly 26% to $0.067 in the past 24 hours, according to CoinGecko.
Source: friend.tech
Ethereum's empty address is a destruction address, the purpose of which is to deliberately destroy tokens, and anything sent to this address will be irretrievably lost. Tokens sent to this address cannot be recovered or reused.
Serpin Taxt, creator of blockchain reputation protocol Ethos, posted on X that friend.tech’s move was “the end of an era” and “not at all what I imagined”.
Three months ago, friend.tech announced it would build its own blockchain, “Friendchain,” leaving the community confused about the future direction of the protocol, with changes to the smart contracts to follow.
Friend.tech’s X account later deleted its announcement post, adding to the confusion.
Friction between the friend.tech team and its users also increased when many reported problems with the much-hyped FRIEND airdrop in early May.
The token amassed a market cap of $233.6 million in the first four days after its launch, which has now fallen to $6.3 million.
The total value locked on friend.tech has also fallen from an all-time high of $52 million in early October 2023 to less than $3.5 million now, according to DefiLlama.
The rise and fall of total value locked on friend.tech since August 2023. Source: DeFiLlama
The protocol has been generating less than $1,000 in daily revenue since late July, while FRIEND has seen a similar decline in transaction volume.
Friend.tech is a native product of Ethereum's Layer 2 foundation, allowing creators to monetize their content through tokenized shares or "keys." Its competing platforms include Theta Network, Hive, and Decentralized Social.
Sony Bank is launching a stablecoin pegged to the Japanese Yen in collaboration with the Layer 2 Ethereum blockchain, Soneium. This move aims to lower transaction costs and boost Japan's digital asset market, while other leaders like Justin Sun explore gas-free stablecoin solutions.
AnaisJapanese authorities intervene as USD/JPY surpasses 160, yen stabilizes around 154.5. BOJ faces dilemma: intervene or raise rates? Debt-to-GDP ratio exceeds 260%. Yen's decline may impact global currencies, Fed's stance crucial.
Xu LinReported by Reuters on July 20, this move aligns with the increasing global trend among central banks to delve into the development of digital versions of their currencies for retail use.
Coinlive The Mitsubishi UFJ Financial Group, Datachain, and Solamitsu are working on making the Progmat Coin, a Yen-backed stablecoin, interoperable.
BeincryptoThe decentralized exchange holds over $390 million in locked tokens as of Tuesday.
Coindeskearn it
链向资讯Flow announced the launch of a USD 725 million ecological fund, which will focus on games, infrastructure, DeFi, and content and creators, aiming to provide Flow ecological projects and developers with product development, product expansion, team expansion, and user acquisition. and general operational support.
链向资讯This article will talk about these innovations and how the Web3 to Earn project has more vitality.
FtftxWhat is the essence of X to Earn? Does everything really need to Earn?
链向资讯Does it look like the move-to-earn games are the next big thing in the gaming sector? Genopets and Dustland Runner, STEPN and others are making moves to make it happen.
Cointelegraph