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⌐◪-◪ → It looks like FriendTech, the once-popular SocialFi app, is shutting down as the team revokes smart contract controls.

While the protocol will obviously live on-chain forever, revoking control means the team can no longer make changes to the protocol (like adding new features) or collect fees.

Since launch, the project generated around $90M in fees, half of which went to the development team — a nice $45M bag for the devs.

FRIEND holders, on the other hand, haven’t been as lucky. The token has dropped 98% since launch in May, and over 20% since the recent announcement. Machi Big Brother took a huge hit, down 97% on his $16.7M investment in FRIEND — oof.

Meanwhile, crypto Twitter is enraged. The mob is gathering their pitchforks and torches, ready to sue the FriendTech team.

Another one bites the dust.

⌐◪-◪ → Kalshi just won its federal lawsuit against the CFTC, allowing them to list political prediction markets for U.S. residents.

This is a big win for prediction markets, and it means Polymarket might remove its block on U.S. users soon.

The traction in prediction markets is real — Kalshi's court victory, Bloomberg integrating Polymarket into its terminal, and CNN referencing Polymarket odds on-air today.

While this is all exciting, the CFTC isn’t going down easy. Just hours after the ruling, the CFTC filed an emergency motion seeking a two-week ban on Kalshi’s election markets.

We may have won the battle, but the war is far from over.

⌐◪-◪ → Tether, the largest stablecoin issuer, just invested $102M in Adecoagro, an Argentinian agriculture giant. The company primarily produces milk, along with other products like rice, sugar, and ethanol.

This is Tether’s first investment in the food and agriculture sector, part of its strategy to diversify into non-crypto assets.

For context, Tether has previously made strategic investments into emerging technologies like AI, Bitcoin mining, and digital education initiatives.

It’s kind of odd seeing agriculture and crypto intersect, but it also makes sense — land is one of the world’s few scarce assets that act as a stable store of value (like gold and bitcoin).

Buy land, they ain’t making any more of it.

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