In the wake of Friend.tech's collapse, Cointelegraph spoke with industry leaders to identify the failure's causes and future directions for SocialFi.
Trump’s DeFi project announcement captured major attention in the crypto community, overshadowing controversy involving Friend.tech, which faced backlash after halting operations.
This week on Crypto Twitter, Friend.tech exits the scene while Trump hints at launching the World Liberty Project. Crypto users overestimated their relevance in the presidential debate as Trump and Harris avoided the topic.
Friend.tech team sold $52M in 6 months, faces rug pull allegations but denies plans to discontinue their website application.
The friend.tech team has abandoned the project, transferring platform control to a burn address, putting its future in doubt.
SocialFi platforms like Farcaster, Lens Protocol, and the now-defunct Friend.tech are facing challenges despite their innovative goals within the Web3 ecosystem.
Friend.tech, a social finance platform, refuted shutdown claims after relinquishing smart contract control, causing its token FRIEND to drop initially but later recover by 40%.
Crypto social media platform Friend.tech faced backlash and a token crash, causing an Ethereum whale to lose $16 million. FRIEND token dropped over 42% due to controversy surrounding the platform's control over smart contracts.
Despite community concerns, the creators of the platform clarified Friend.tech operation will continue.
Friend.tech developers have handed over control of its smart contracts, raising questions about the Ethereum-based social network's future.
Friend.tech's development team abandoned the social media platform four months after its token launch by transferring control to a burn address.
Friend.Tech team hands over control; Bernstein predicts Bitcoin prices for Trump and Harris; DRiP raises $8M.
Friend.tech's sudden closure disrupts crypto-based social networking, impacting FRIEND token investors despite generating $90 million in fees.
Friend.tech creators walk away with $44 million as the protocol shuts down irreversibly, leaving no ability to make changes.
Friend.Tech faces a downfall as the developer team transfers control, leading to a price plunge. The decentralized social media platform, once notable for its Web3 performance, announces a shutdown that shocks investors.
Friend.tech transferred control of its token to a null address on Ethereum layer 2 Base.
Decentralized social media platforms like Farcaster, Lens, and Friend.Tech become ghost towns in 2024 after initial excitement. User engagement and financial viability sharply decline despite significant investments. Issues include lack of UX/UI innovations and replicating existing social media functionalities.
Friend.tech relinquished control of its smart contracts by sending them to Ethereum's null address, causing a 30% drop in FRIEND's value.
Friend.tech's token plummeted 26% after relinquishing control of certain smart contracts to a non-reversible null address.
Friend.Tech, a Web3 social network, shut down less than a year after launching.
Friend.tech renounces control over its smart contracts by setting admin parameters to address 0x000…000, ensuring no future changes can be made to fees or functionality.
Friend.tech commits to staying on Base blockchain after community feedback influenced their decision to reverse migration plans.
Friend.tech's TVL drops by $1.1 million in 24 hours amid issues on the Base network. The platform reversed plans to migrate, causing the decline. Market conditions and competition from Farcaster contributed to the downturn.
FRIEND token drops 22% after Friend.tech decides to stay on Base L2 network.
FRIEND Token plummets after Friend.tech reverses its decision to leave the Base L2 network. The token price dropped significantly amid community concerns.
Friend.tech's decision to stay on Coinbase's Base L2 caused a 25% drop in its token, reaching an all-time low.
Friend.tech is transitioning from Coinbase's Base chain to its own dedicated blockchain network, partnering with Conduit for Ethereum rollup technology.
Friend.tech's migration to its own network, Friendchain, from the Base network has led to community skepticism and a drop in FRIEND token prices.
Friend.tech's token dropped 22% following negative reception to its blockchain migration plans.
Friend.tech, a Web3 social media platform, is moving from Base to a new blockchain and introducing the FRIEND token, as announced on social media.
The socialFi app Friend.Tech is preparing to launch its own blockchain powered by its own token FRIEND.
Friend.tech plans to launch a new blockchain called Friendchain utilizing its native token FRIEND, sparking controversy and debate among experts about its utility and potential drawbacks.
