Friend.tech's Token Value Plummets as Ownership Transferred to Ethereum's Null Address

• The token for crypto social media platform friend.tech has plummeted after transferring ownership of its smart contracts to Ethereum's null address.
• The transfer was made to prevent future changes to fees or functionality.
• The platform's token, FRIEND, dropped by nearly 26% in the last 24 hours.
• Ethereum's null address is a burn address, meaning tokens sent to it are permanently lost.
• The smart contract change comes after friend.tech announced plans to build its own blockchain.
• The total value locked on friend.tech has fallen from $52 million to less than $3.5 million.

Summary :
The token for crypto social media platform friend.tech, called FRIEND, has experienced a significant drop in value after the team transferred the admin and ownership of its smart contracts to Ethereum's null address. This transfer permanently relinquished any control over the contracts, with the intention of preventing future changes to fees or functionality. Following the transfer, the FRIEND token saw a decrease of nearly 26% in the last 24 hours, according to CoinGecko. Ethereum's null address is a burn address, meaning any tokens sent to it are irretrievably lost. This move by friend.tech has caused confusion among its community, especially considering the platform's previous announcement to build its own blockchain, Friendchain. The friction between friend.tech's team and its users has also worsened due to reported issues with claiming the FRIEND airdrop and a significant decrease in the platform's total value locked and trading volume. Friend.tech operates on Ethereum layer 2 Base and competes with platforms such as the Theta Network, Hive, and Decentralized Social.

Sources :

- CoinTelegraph