FriendTech, a decentralized social network platform, experienced a significant downturn on Monday when its native token, FRIEND, fell by 30%. The community's recent move to relinquish control of smart contracts led to a bearish trend in the token's price.
The primary reason for this downturn was the execution of a particular function related to relinquishing the control of these smart contracts.
Consequently, the overall value of the FRIEND token has dropped by 40% following these developments, reflecting market concerns and lack of confidence.
This event highlights the potential risks and market reactions associated with decentralization efforts in the Web3 ecosystem.
