SocialFi’s friend.tech network has made a big step in the last week and it appears that they have stopped developing their once popular platform.
On Monday, friend.tech revealed that it would transfer the ownership and administrative rights to the code of its platform to a null-address. The platform’s code will no longer be able to change in the future.
Community members interpret this as a failure to maintain the project, even though friend.tech continues to exist on Base.
SocialFi launched its platform on August 10, 2023. In May 2024 it allocated 100% of the FRIEND tokens in a community-wide allocation, which was unprecedented. Most projects reserve a percentage for investors.
FRIEND’s value peaked at $2.86 after the airdrop but since then has plummeted to just $0.09. Even after the introduction of social clubs and new features as part of a version 2 update, the platform struggled to revive its trading volumes which peaked at multi-million dollars last September.
Dune says that according to Friend.tech, protocol fees have generated around $22.3 million.
Osmosis crosses the chain with Polaris Portal
Osmosis DEX launched its latest DEX product Wednesday, Polaris.
Polaris wants to address the persistent problem of liquidity fragmentation — or the “Great Chain Divide” as Osmosis co-founder Sunny Aggarwal calls it – by letting users trade any asset from any chain with their existing wallets.
Polaris offers a more streamlined interface, powered by MPC technology. This is unlike other liquidity aggregators. This interface hYou can also find out more about the following:les complex processes like token conversion, bridging, approvals and gas token acquisition — all from users’ existing wallets.
“Osmosis is the foundation” and “our mission is to build the Interchain DEX,” Aggarwal tweeted.
This is a major shift from Osmosis’s long-standing strategy within the Cosmos ecosphere.
Next week, the product will officially be revealed at Solana Breakpoint in Singapore.
A fascinating fact:
- Artemis’ research indicates that the volume of Stablecoins is expected to account for 70-80% or more of all public blockchain value in 2024.
Note:
- Worldcoin has partnered with Wormhole to bring World ID Integration into Solana.
- The Azuki project introduces Anime.com where creators and fans can create and co-own anime intellectual properties on the internet. “AnimeChain.”
- PayPal and Venmo now support crypto payment using ENS addresses.
- Immutable, the L2 gaming network in partnership with Web3 Distribution Platform Portal.
- Wrapped bitcoin players are making big moves. Coinbase has launched its tokenized Bitcoin cbBTC and BitGo will be bringing its WBTC cross-chain using LayerZero’s OmniChain fungible Token standard.
- Snapshot leveraged Starknet for the launch of its onchain vote protocol Snapshot X. Aragon used ZKSync native account abstractions and LayerZero for its cross-chain solution.
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