The decentralized social network Friend.tech has unveiled plans to maneuver from Coinbase’s Layer 2 blockchain Base to its proprietary network, Friendchain. This development will come as a part of the platform’s collaboration with Conduit, a crypto infrastructure service provider.
When Will The Recent Friend.tech Blockchain Launch?
In a June eighth post on X, web3 social platform Friend.tech revealed its plans to create a latest blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base network. In line with the announcement, Friendchain is a proprietary blockchain that can utilize the recently launched FRIEND token as a completely transferable gas token.
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Although the decentralized platform’s team didn’t disclose a timeline for the network migration, the announcement did say that users shall be kept abreast of relevant information “over the approaching months.” It may be deduced from Friend.tech’s message that the Friendchain mainnet migration could take months.
We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a completely transferable gas token.
We’ll keep you recent with all the information you wish over the approaching months as we construct out this exciting latest chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
Nonetheless, this development isn’t exactly a surprise, considering that the Friend.tech co-founder Racer had publicly expressed the need to maneuver the decentralized social platform off Base in late May. In a now-inaccessible post on X, Racer said about Friend.tech team’s shaky relationship with Base:
Farcaster investors went apeshit smearing us after we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the connection has been downhill since then with us getting ostracized from anything that’s for the ‘Base community.
Following its launch in August 2023, Friend.tech was quick to determine itself as one in every of the highest decentralized applications (dApps) on the Base network. Nonetheless, the social platform has seen user interest and engagement cool off in recent months.
FRIEND Rallies 17% After Recent Blockchain Announcement
After Racer hinted at a possible exit from Base, the worth of the FRIEND token plunged by 20%. This somewhat compounded the unfavorable sentiment across the token after ITS largely “unsuccessful” airdrop in May.
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This time around, though, the newest confirmation of “Friendchain” had a somewhat positive impact on the worth of FRIEND. In line with data from CoinGecko, the cryptocurrency jumped greater than 17% following the recent announcement, reaching $1 in some unspecified time in the future.
As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% price increase previously day. Nonetheless, this latest price spike has not been enough to wipe the token’s loss on the weekly timeframe.
FRIEND price on the day by day timeframe | Source: FRIENDUSDT chart on TradingView
Featured image from Fortune, chart from TradingView