After Friend.tech’s failure, SocialFi must ‘cross the chasm’ to succeed

September 23, 2024 Coin Telegraph

Adoption

In the wake of Friend.tech’s collapse, Cointelegraph spoke with industry leaders to find out what went wrong and what comes next.

The social finance (SocialFi) sector can learn valuable lessons from the collapse of Friend.tech, helping to drive the next generation of projects to sustained long-term success.

SocialFi reimagines social media with decentralized structures, promising users greater control over their data, privacy and monetization opportunities.

Friend.tech linked its decentralized social media platform to X, catching a hype wave from August 2023 into 2024. But its token’s price crashed in May and was effectively pronounced dead in August.

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

September 9, 2024 Coin Telegraph

Coin Telegraph

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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Friend.tech’s FRIEND token tanks to record low as team abandons control of smart contracts

September 9, 2024 The Crypto Briefing

Crypto Briefing

The collapse of Friend.tech's FRIEND token highlights the volatility and risks inherent in decentralized finance projects.

The post Friend.tech’s FRIEND token tanks to record low as team abandons control of smart contracts appeared first on Crypto Briefing.

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Friend.tech Team Renounces Control Over Smart Contracts

September 8, 2024 Bitcoin.com

bitcoin.com

Friend.tech, the struggling decentralized social media application, has announced a major update to its platform, setting the admin and ownership parameters of its smart contracts to the address 0x000…000. This move effectively renounces control over these contracts, ensuring that no future changes can be made to their fees or functionality. The web client at friend.tech […]

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

July 4, 2024 The Daily Hodl

Altcoins

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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Friend.tech develops Friendchain, uses $FRIEND as gas token

June 8, 2024 The Crypto Briefing

Crypto Briefing

Friend.tech introduces Friendchain, which will use $FRIEND as its gas token. Users can also participate in the testnet event for potential rewards.

The post Friend.tech develops Friendchain, uses $FRIEND as gas token appeared first on Crypto Briefing.

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Friend.tech Co-Founder Posts Bounty to Migrate Platform off Base

May 27, 2024 Bitcoin.com

BASE

Racer, a co-founder of Friend.tech – a socialfi network – has posted a bounty of $200K for anyone bringing an implementation allowing the migration of its platform off Base, the Coinbase incubated rollup Layer 2. Racer declared: “System design bounty: If you can figure out a way to migrate friendtech off of Base without causing […]

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Base set for ‘material share’ of SocialFi activity: Franklin Templeton

May 9, 2024 Coin Telegraph

Asset Management

Base is already home to 46% of transactions related to SocialFi on-chain, but the asset manager says it has even more room to grow.

Trillion-dollar asset manager Franklin Templeton suggests “Base Season” has arrived with the rise of Social Finance (SocialFi) apps, with Base leading other Ethereum layer 2s in the vertical.

“[It is] positioning itself well to capture a material share of SocialFi activity and remain a leader in the Ethereum L2 sector going forward,” Franklin Templeton said in a May report.

About 46% of transactions related to SocialFi are on Base, which has increasingly stripped market share away from the BNB Chain and Polygon in recent months, according to one of the charts provided by Franklin Templeton.

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Crypto degens ‘hungry’ for next big SocialFi breakthrough — K33 Research

May 9, 2024 Coin Telegraph

Coin Telegraph

Crypto users are increasingly turning attention to new SocialFi apps, but analysts say it’s probably too early to say whether “SocialFi season” has arrived.

Crypto users are clamoring to find the next big thing in the Social Finance (SocialFi) sector, according to analysts from K33 Research — who see it a growing corner of crypto despite being plagued by “perverse incentives.”

In a May 8 research report, K33 DeFi analyst David Zimmerman wrote that following a recent Firend.tech airdrop, crypto users are already looking to a new SocialFi app called Fantasy Top – built on Ethereum layer-2 network Blast — as the next potential opportunity.

Fantasy Top is a SocialFi game allowing users to buy and sell virtual trading cards of crypto-affiliated X accounts and use them to compete in tournaments. These tournaments are paying users for their activity on the platform in ETH, a reward token on Blast called GOLD, native “fan points” and additional packs of trading cards.

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Friend.tech’s FRIEND Token Airdrop Faces Steep Decline Since Market Debut

May 3, 2024 Bitcoin.com

Airdrop

Friend.tech, the decentralized social media application on the Base network, recently launched its native token through an airdrop. Since trading commenced, the token has plummeted, dropping anywhere from 50% to 90% of its initial value across various decentralized exchange (dex) platforms, as reported by several different price aggregation websites. FRIEND Starts Strong but Value Plummets […]

friend.tech

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