

To date, the market capitalization of its token has declined 96% from $235 million to less than $10 million. Its protocol’s total value locked has declined a similar 93%.
Friend.tech, the most popular application on Coinbase’s layer 2 of Ethereum, has removed the ability to change the smart contract code.
Administrators transferred permission to edit its smart contract to Ethereum’s ‘burner’ null address this week, prompting critics to declare its network ‘effectively dead.’
The market capitalization of its token has declined 96% to less than $10 million and its protocol’s total value locked has declined 93%.
After processing tens of thousands of daily transactions during its launch in August and September 2023, use of Friend.tech on Coinbase’s Base dwindled to nearly zero by November.
Since then, users have continued to neglect the network, with August 2024 transactions totaling barely a few hundred per day.
In 2023, Ethereum layer 2s like Arbitrum and Optimism were one of the hottest new things in crypto.
That year, Arbitrum was airdropping its highly-anticipated ARB token, and Optimism was launching its OP Mainnet.
Google queries for Arbitrum hit an all-time high in 2023 with over five times more queries than Google has received for that word at any other time.
Friend.tech: The flagship app on Base
In the midst of this frenzy, Coinbase launched its own Ethereum layer 2, Base.
Differentiated by its lack of a proprietary token, Coinbase advertised Base as a way to save time and fees for a cornucopia of use cases.
In reality, a single application quickly gained traction and dwarfed all other activity on Base: Friend.tech, a copycat of BitClout.
Just like BitClout, Friend.tech allowed users to buy tokens associated with Twitter influencers in order to speculate on their popularity.
The DOJ and SEC eventually filed criminal and civil charges, respectively, against the founder of BitClout.
Before law enforcement even published those charges, the market capitalization of BitClout had declined over 90%.
It halved again after the charges – and has never recovered.
So far, no charges are filed against the founders of Friend.tech.
If you make $40m on a product with a skeleton crew, you’ve got a moral obligation to at least try and deliver on that product.FriendTech made bank, and then basically never even tried to ship another upgrade.That’s pathetic.Funders probably got their 1x liquidation… https://t.co/xjLvuS2hqe
Read more: Are Friend.tech keys securities?
The protocol has generated approximately $40 million in fees since inception.
There is no full accounting from Friend.tech nor its founder Racer regarding those funds.
Friend.tech denies claims that it is discontinuing its service or web application.
It is simply guaranteeing that no one may change its smart contract on Base.
Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.
The above is the detailed content of Friend.tech, the BitClout Lookalike That Was Once the Most Popular Application on Coinbase's Layer 2 of Ethereum, Has Removed the Ability to Change the Smart Contract Code. For more information, please follow other related articles on the PHP Chinese website!

Cryptocurrency has always been a realm where the cutting edge of technology meets bold ambition, and it's only getting more exciting in the future. As artificial intelligence continues to grow in influence, there are a handful of digital assets that
![Bitcoin [BTC] was on a downtrend after losing the $92,000-support level in the final week of February](https://img.php.cn/upload/article/001/246/273/174209101774967.jpg?x-oss-process=image/resize,p_40)
Technical indicators such as the OBV showed that selling pressure has been dominant, meaning more losses may be likely ahead.

This article reviews the ten-year price trend of Bitcoin from 2015 to 2025 in detail. Data shows that Bitcoin price fluctuates dramatically, experiencing huge changes from $200 to over $100,000. During this period, the price of Bitcoin was affected by a variety of factors, including halving of block rewards, market sentiment, regulatory policies, and global macroeconomic situation. The article analyzes the rise and fall of Bitcoin prices year by year, and focuses on interpreting the price changes in key years, providing a reference for investors to understand the history of Bitcoin prices and predict future trends. Keywords: Bitcoin price, Bitcoin trend, Bitcoin decade, digital currency, cryptocurrency

The top ten free virtual currency exchanges are ranked: 1. OKX; 2. Binance; 3. Gate.io; 4. Huobi Global; 5. Kraken; 6. Coinbase; 7. KuCoin; 8. Crypto.com; 9. MEXC Global; 10. Bitfinex. These platforms each have their own advantages.

Top 10 digital currency app platforms: 1. OKX, 2. Binance, 3. Gate.io, 4. Kraken, 5. Coinbase, 6. Huobi, 7. KuCoin, 8. Crypto.com, 9. Bitfinex, 10. Gemini; these platforms are ranked according to factors such as transaction volume, security and user experience. When choosing, the platform's security, liquidity, transaction fees, currency selection, user interface and customer support should be considered.

Since then, the provider has been investigating how this could have happened and how it will (hopefully) not happen again in the future.

This article reviews the price trend of Ethereum since its listing in 2015, from the initial $0.31, it experienced a surge in 2017 to nearly $1,400, as well as a market plunge in 2018 and 2022, and then hit a record high of $4,891.70 in 2021, as well as a rebound and stability in 2023. The article data covers the significant changes in Ethereum prices over each year and predicts price trends for 2024-2025, providing investors with a comprehensive historical reference and future outlook for Ethereum prices. Understand the history of Ethereum price fluctuations and seize investment opportunities!

In 2025, global digital virtual currency trading platforms are fiercely competitive. This article authoritatively releases the top ten digital virtual currency trading platforms in the world in 2025 based on indicators such as transaction volume, security, and user experience. OKX ranks first with its strong technical strength and global operation strategy, and Binance follows closely with high liquidity and low fees. Platforms such as Gate.io, Coinbase, and Kraken are at the forefront with their respective advantages. The list covers trading platforms such as Huobi, KuCoin, Bitfinex, Crypto.com and Gemini, each with its own characteristics, but investment should be cautious. To choose a platform, you need to consider factors such as security, liquidity, fees, user experience, currency selection and regulatory compliance, and invest rationally

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

SublimeText3 Chinese version
Chinese version, very easy to use

WebStorm Mac version
Useful JavaScript development tools

Zend Studio 13.0.1
Powerful PHP integrated development environment

SublimeText3 Linux new version
SublimeText3 Linux latest version

Safe Exam Browser
Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.
