Blockchain
Friend.tech faces shutdown rumors amid administration shuffle: Platform denies closure, $FRIEND drops to 95%:Lookonchain
Friend.tech — decentralized social network on Coinbase’s layer-2 network Base blockchain is under scrutiny as there is a speculation around potential shutdown. The platform, which allows users to invest in influencers via exclusive tokens, has been hit hard by recent developments.
The controversy stemmed after the platform’s team announced on September 08 that they had permanently set the admin and ownership parameters of the project’s smart contract to Ethereum’s null address.
Lookonchain— blockchain analytics firm noted that Friend.tech team sold nearly 19,477ETH — worth approximately $52.4M — between December 02 2023 and June 11 2024 contributing to decline in token’s price. The price of $FRIEND has dropped 95% since its launch.
On this note, I would like to share a comment from Casey Grooms — Co-Founder of Soulbound to discuss the declining hype around SocialFi platforms like Friend.tech.
“Friend.tech’s shutdown rumours, despite its early success, reveals the challenges decentralized social platforms face. These platforms promise freedom from censorship, but they also need to ensure they’re sustainable and safe for users.
To succeed long-term, decentralized social platforms must offer more than just being a blockchain version of existing social media: providing unique features that only blockchain enables, without making things too complex for users.
The Friend.tech case also shows we need to look closely at the teams behind these projects. Are they aiming for lasting impact, or just quick gains?
For these platforms to thrive, they should aim to appeal beyond the crypto crowd, making their benefits clear to everyone, with blockchain working quietly in the background. (There’s also a fine line to walk between free speech and maintaining a welcoming environment for all users)
Partnerships are crucial too. When creators, users, and advertisers all benefit, you get a system that can sustain itself. Ultimately, Friend.tech’s collapse is a learning opportunity. It highlights the need for strong leadership, a clear long-term plan, and a focus on real user value over short-term hype.”Casey Grooms — Co-Founder of Soulbound.
The post Friend.tech faces shutdown rumors amid administration shuffle: Platform denies closure, $FRIEND drops to 95%:Lookonchain appeared first on HIPTHER Alerts.
MamaBull
Bybit Launchpool Introduces OBT and SOSO Rewards Through bbSOL Staking
Blockchain
Humanity Protocol Secures $20 Million Strategic Funding from Jump Crypto and Pantera Capital at $1.1B Fully Diluted Valuation
Humanity Protocol, a decentralized identity blockchain solution, is today announcing the successful closure of its latest $20 million funding round, co-led by Pantera Capital and Jump Crypto at a $1.1 billion fully diluted valuation.
This investment represents a vote of confidence in Humanity Protocol’s mission to redefine decentralized identity and unlock new possibilities for secure, inclusive, and user-owned blockchain ecosystems. It follows the recent announcement of the Humanity Foundation’s formation, led by Yat Siu, Mario Nawfal, and interim CEO Yeewai Chong.
The funding will accelerate Humanity Protocol’s development of Proof of Humanity, Human ID, and seamless integrations with leading Web3 platforms. With the support of Jump Crypto and Pantera Capital, Humanity Protocol is poised to scale its operations, expand its global reach, and drive adoption across industries beyond Web3.
As Humanity Protocol continues to grow, the funding will also support upcoming initiatives, including partnership announcements, developer grants, and community-building efforts leading up to the protocol’s mainnet launch.
Both Pantera Capital and Jump Crypto bring extensive expertise in blockchain, Web3 infrastructure, and strategic scaling, making them ideal partners in Humanity Protocol’s next growth phase.
“At Humanity Protocol, we’re committed to empowering individuals with digital identities that are truly their own,” said Terence Kwok, Founder of Humanity Protocol. “This investment from Jump Crypto and Pantera Capital brings us one step closer to realizing a future where trustless, decentralized identity solutions are the norm. We’re honored to have the backing of such visionary investors who share our belief in the transformative potential of Web3 technologies.”
“At Pantera Capital, we are excited about all the ways that blockchain enables a future AI-driven world, and Humanity Protocol is leading the way,” added Cosmo Jiang, General Partner at Pantera Capital.
The post Humanity Protocol Secures $20 Million Strategic Funding from Jump Crypto and Pantera Capital at $1.1B Fully Diluted Valuation appeared first on News, Events, Advertising Options.
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