Friend.tech recently transferred control of their smart contracts to the Ethereum null address, an action that led to a significant market response. The price of the FRIEND token dropped by over 30% within a 24-hour period following this transfer.
This move significantly affected the protocol's standing, as the total value locked (TVL) on Friend.tech plummeted from $52 million to under $3.5 million.
Additionally, daily fees earned on the platform have been consistently below $1,000 since late July. The transfer effectively signifies the end of Friend.tech's operations under its previous model.
