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Crypto platform Friend.tech sees token dive 26% following admin transfer

Friend.tech transferred control of some of its smart contracts to a null address, which can never be reversed.

The native token of crypto social media platform Friend.tech has plummeted after its team transferred the admin and ownership of its smart contracts to Ethereum’s null address — permanently relinquishing any control over them.

The Sept. 8 transfer was made to “prevent any changes to their fees or functionality in the future,” Friend.tech said on X.

The platform’s Friend.tech (FRIEND) token dropped by nearly 26% to $0.067 in the 24 hours after the transfer, according to CoinGecko.

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Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain

Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain

A social media-focused crypto project is reversing course on its decision to leave the blockchain of top US-based crypto exchange Coinbase. In a new announcement on the social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer plans to leave Base to create its own blockchain. “We’ve heard your feedback: […]

The post Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain appeared first on The Daily Hodl.

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SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network

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SocialFi application protocol Friend.tech (FRIEND) says it’s leaving Coinbase’s Base chain to develop its own network. In a new thread, the team behind the social finance platform says that it will be partnering up with Conduit, a firm that provides Ethereum (ETH) rollups, to work on Friendchain, its very own blockchain that will utilize FRIEND […]

The post SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network appeared first on The Daily Hodl.

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Investment Firm Franklin Templeton: Base to Lead Ethereum L2 Sector, Powered by Socialfi

Investment Firm Franklin Templeton: Base to Lead Ethereum L2 Sector, Powered by SocialfiFranklin Templeton, a global investment behemoth, has praised the development and growth of Base, the Coinbase-incubated Ethereum L2. On social media, the company declared that Base had “hit a home run” due to its popularity with meme coins and socialfi applications, including the pioneering app in the space, Friend.tech. Franklin Templeton Praises Base’s Performance, Comments […]

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