FRIEND surges 60% as FriendTech dismisses shutdown rumors

Social media platform Friend.Tech has stated that it has no plans to shut down its web app, assuring its users that the smart contract changes will not affect 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.

In a post on X on September 10, the platform developers confirmed that the app will continue to operate as usual and there will be no impact on current operations or the introduction of new fees due to changes made to Base-based smart contracts.

The statement comes after Friend.Tech appeared to be effectively shut down on September 8 when developers transferred control of the platform’s smart contracts to Ethereum’s null address, causing the system to crash and preventing future updates to the platform.

Launched in August 2023, Friend.Tech quickly gained momentum by allowing users to purchase “keys.” Owners gain access to closed channels and exclusive content. After registration, platform users can start selling their shares to other participants or purchasing “keys” for accounts they are interested in.

The platform saw an early surge in user activity, with daily earnings surpassing even Ethereum at one point. The model, which allows users to exchange keys to access private feeds, has created a unique way to make money for influencers in the web3 space.

However, user activity has declined since the peak and the platform has struggled to maintain momentum. Despite these challenges, Friend.Tech emphasized that the platform will remain fully operational, albeit without any new features due to contractual changes. This assurance has positively impacted the platform’s native token (FRIEND), which surged 60% to $0.097 following the announcement.