{"id":28775,"date":"2024-09-09T11:00:26","date_gmt":"2024-09-09T08:00:26","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28775"},"modified":"2024-09-09T09:45:45","modified_gmt":"2024-09-09T06:45:45","slug":"friend-tech-token-plummets-after-team-transfers-control-to-ethereum-null-address","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/friend-tech-token-plummets-after-team-transfers-control-to-ethereum-null-address\/","title":{"rendered":"Friend.tech Token Plummets After Team Transfers Control to Ethereum Null Address"},"content":{"rendered":"

After its owners moved management of its smart contracts to Ethereum’s null address, therefore depriving any future control over the operation of the network, the token for crypto social networking site friend.tech<\/strong> has plunged drastically. Now trading at $0.067<\/strong>, CoinGecko notes that the movement on Sept. 8 has caused the token FRIEND<\/strong> of the platform to drop by over 26% during the last 24 hours.<\/p>\n

Friend.tech<\/strong> in an X statement said the move was done “preventing any changes to their fees or functionality in the future.<\/em>” The platform guarantees a permanent burn address by handing the admin and ownership of the smart contracts to Ethereum’s null address; anything transmitted to this address is forever deleted. Not another change is possible.<\/p>\n

Blockchain<\/strong> method of reputation building Reflecting views from a confused culture, Serpin Taxt, an ethos builder for friend.tech, said on X that this signifies “the end of an era” for friend.tech and is “not at least how I saw it playing out”.<\/p>\n

Following a previous revelation that Friendchain, since removed, will create its own blockchain, Friendchain, which has many users particularly worried specifically about the future of Friend.tech particularly.<\/p>\n

Early this year, problems during the FRIEND airdrop in May caused team and user disagreements, therefore influencing mood.<\/p>\n

The debut generated great excitement, and the FRIEND token had a market valuation of $233.6 million four days after distribution. At the time of writing this, its market value dropped to $6.3 million nevertheless. Moreover, the data of DefiLlama shows that the total value locked, or TVL, has drastically dropped from $52 million at the end of October, 2023 to $3,5 million in mid-April, 2023.<\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i>Telegram, <\/span><\/i><\/a>YouTube<\/span><\/i><\/a>, and <\/span><\/i>Twitter<\/span><\/i><\/a> channels for the latest <\/span><\/i>news<\/span><\/i><\/a> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

After its owners moved management of its smart contracts to Ethereum’s null address, therefore depriving any future control over the operation of the network, the token for crypto social networking site friend.tech has plunged drastically. Now trading at $0.067, CoinGecko notes that the movement on Sept. 8 has caused the token FRIEND of the platform<\/p>\n","protected":false},"author":6,"featured_media":9701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1],"tags":[105,992,5834],"class_list":["post-28775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","tag-ethereum","tag-friend-tech","tag-friend-tech-token"],"yoast_head":"\nFriend.tech Token Plummets After Team Transfers Control to Ethereum Null Address - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/friend-tech-token-plummets-after-team-transfers-control-to-ethereum-null-address\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friend.tech Token Plummets After Team Transfers Control to Ethereum Null Address - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"After its owners moved management of its smart contracts to Ethereum’s null address, therefore depriving any future control over the operation of the network, the token for crypto social networking site friend.tech has plunged drastically. 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