FriendTech, a decentralized social network platform, saw a remarkable 30% dip in its native token FRIEND on Monday. As the Web3 firm’s community announced that it ditched control of smart contracts recently, a bearish trajectory engulfed the native token price. This loss of smart contracts is primarily attributable to a function executed on the project’s ecosystem.

FriendTech Developers Renounce Smart Contracts

According to an official X post by FriendTech dated September 8, “Admin and ownership parameters have been set to address 0x000…000, to prevent any changes to the fees or functionality in the future.” This aligns a function executed on the platform’s smart contracts that transferred their control to an Ethereum null address.

However, the team clarified that this transfer of control does not affect the separate web client that operates under the domain “friend.tech.” Moreover, no fees from either smart contracts or this domain currently go to the dev team multisig wallet, the announcement added.

Web3 social network FriendTech launched on Coinbase-backed layer 2 Base has now encountered a significant setback in the Web3 space. The transfer of smart contract control ensures a high possibility that the platform will not add new features. This has impacted the market and sparked anguish in the users.

FRIEND Token Price Plunges

At press time, FRIEND tanked 40% in the past 24 hours and is currently trading at $0.07969. The coin’s intraday low and high were $0.06026 and $0.3065, respectively. Notably, the coin’s 24-hour trading volume surged 87.65% over the past day to $489,915. Besides, the waning price movement falls in line with its smart contract control transfer, making implementing new features unlikely on the platform.

Data from Into The Block reveals that the daily transactions on the network dropped to a record low this year, further aligning with the native token’s waning movement. Despite the FriendTech V2 launch and airdrop going live earlier this year, the project’s growth has been stagnant. Overall, a bearish sentiment has engulfed the token recently, sparking concerns among investors.

The post FriendTech Shutdown: Decentralization Move Backfires, FRIEND Token Fell 40% appeared first on CoinGape.

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