FRIEND surges 60% as FriendTech dismisses shutdown rumors

Social media platform Friend.Tech says it has no plans to shut down its web app, reassuring users that smart contract changes will not impact current functionality or fees.

Web3 social media platform Friend.Tech has reassured users that it has no plans to discontinue its web app, following concerns that recent changes to its smart contracts might signal a shutdown.

In a Sept. 10 post on X, the platform’s developers confirmed that the app will continue to function as usual and that there will be no impact on current operations or the introduction of new fees due to the changes made to its Base-based smart contracts.

The statement comes after Friend.Tech appeared to be effectively shuttered on Sept. 8, when developers transferred control of the platform’s smart contracts to Ethereum‘s null address, basically locking the system in place, preventing future updates to the platform.

Launched in August 2023, Friend.Tech quickly gained traction by allowing users to purchase “keys.” Their holders get access to closed channels and exclusive content. After registration, platform users can start selling their shares to other participants or buying “keys” to the accounts they are interested in.

The platform experienced a surge in user activity early on, with daily earnings even surpassing Ethereum’s at one point. The model, which allowed users to trade keys to access private feeds, created a unique monetization avenue for influencers in the web3 space.

However, user activity has declined since its peak, and the platform has struggled to maintain momentum. Despite these challenges, Friend.Tech emphasized that while no new features will be introduced due to the contract changes, the platform will remain fully operational. The reassurance has positively impacted the platform’s native token, (FRIEND), which soared by 60%, reaching $0.097 following the statement.