Friend.Tech: A Promising Project Turned Stagnant
The web3 platform Friend.Tech, once a thriving decentralized social networking ecosystem, now seems to be nearing its end. The developers have relinquished control of its smart contracts, marking the end for this project.
A Project that Captivated Web3
Launched in August 2023 on Coinbase’s Layer 2 solution, Base, Friend.Tech quickly garnered enthusiasm within the crypto community. Its concept was simple: allow users to purchase tokens called “keys” to access the private streams of influencers and web3 personalities. The idea took off immediately, and impressive numbers quickly followed.
By September 2023, the platform’s daily revenues surpassed those of Ethereum, while the most valuable key, owned by pseudonymous co-founder Racer, traded for 8.9 ETH (approximately $14,500 at the time).
With heavyweight support from Coinbase and a funding round led by the crypto venture capital firm Paradigm, Friend.Tech seemed on the path to success. The developers also collected nearly $20 million in platform fees during this initial hype period. However, despite this promising start, momentum quickly dwindled.
The Failure of the Version 2 Revival
The decline of Friend.Tech began after the launch of its version 2 (v2) in May 2024. Although this launch was accompanied by a token airdrop to reignite interest, it was not enough to revive the platform. The price of Friend.Tech’s native token plummeted after co-founder Racer publicly expressed a desire to leave the Base blockchain. A migration project to a dedicated blockchain, nicknamed “FriendChain,” was even considered but ultimately abandoned, solidifying the platform’s stay on Base.
The stagnation of protocol fees following this launch became a key indicator of the platform’s decline. Since June 2024, Friend.Tech has generated only $60,000 in fees, well below its past performance. This weakening gradually diminished user interest, making a return to high activity levels unlikely.
Relinquishing Control of Smart Contracts: The End of the Project?
The final blow seems to have been dealt today, as the developers of Friend.Tech activated a function in its smart contracts, transferring control to the null address of Ethereum. Technically, this means that developers can no longer intervene in the system, effectively blocking any future development. “No fees from smart contracts or the website will now go to the friend.tech development team,” they confirmed in a statement via X (formerly Twitter).
While the platform remains technically functional, the inability to implement new features drastically reduces the likelihood of a comeback. Moreover, relinquishing control also makes it unlikely for a new team to take over the project and seek to reinvigorate Friend.Tech.
A Predictable End?
Friend.Tech, which initially disrupted the decentralized social networking space, now seems to join the ranks of short-lived web3 projects. The developers’ decision to freeze smart contracts without the possibility of future evolution may seal the fate of this platform.
The rapid evolution of adoption in the web3 space, often driven by continuous innovation, leaves little room for platforms struggling to maintain a steady development pace. The story of Friend.Tech, though marked by a dazzling start, may become a case study on the challenges faced by platforms in this ever-changing landscape.
