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On Sunday, Friend.Tech’s developers gave up control of the platform's smart contracts, blocking future updates, and essentially closing down.
What's the scoop?
- Initial Success: Launched on
Base in August 2023, Friend.Tech quickly surpassed Ethereum in daily earnings by mid-September and secured an undisclosed amount of funding from Paradigm. - Decline in Activity: The protocol struggled after its initial success, and despite the Version 2 update and airdrop, protocol fees stalled, with only $60K earned since June.
- Locked System: The contract revocation prevents new teams from taking over, signaling an unlikely revival for the platform.
Bankless Take:
Friend.Tech's rise and fall reflect the difficulty of discovering the proper implementations of the long-sought-after “SocialFi.” While at first it captured significant attention, the platform couldn’t restore its momentum with V2, which came with a lackluster airdrop and a fraction of the features initially teased. The future of Friend.Tech felt grim when the team announced they would build FriendChain, its own L2, but now, with the developers renouncing control, stopping anyone else from taking over the project, any path forward seems essentially nonexistent.
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