Social media platform Friend.Tech says it has no plans to shut down its web app, reassuring users that the smart contract changes will not impact existing functionality or fees.
Web3 social media platform Friend.Tech has reassured users that it has no plans to shut down its web app, following concerns that recent changes to its smart contracts could signal a shutdown.
On September 10 mail In X, the platform developers confirmed that the app will continue to operate as usual and there will be no impact on existing operations or introduction of new fees due to the changes made to Base-based smart contracts.
The statement comes after Friend.Tech appeared to have effectively shut down on September 8, when developers transferred control of the platform’s smart contracts to an empty Ethereum address, essentially locking the system in place and preventing future updates to the platform.
Launched in August 2023, Friend.Tech quickly gained popularity by allowing users to purchase “keys.” Holders of these keys gain access to closed channels and exclusive content. After registering, platform users can start selling their shares to other participants or purchasing “keys” for accounts they are interested in.
The platform saw a surge in user activity early on, with daily earnings surpassing those of Ethereum at one point. This model, which allowed users to trade keys for access to private feeds, created a unique way to monetize for Web 3 influencers.
However, user activity has declined since its peak, and the platform has struggled to maintain momentum. Despite these challenges, Friend.Tech has confirmed that while no new features will be introduced due to the contract changes, the platform will remain fully operational. This reassurance has had a positive impact on the platform’s native token (FRIEND), which surged 60% to $0.097 following the announcement.
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