Friend.tech, a prominent player in the web3 social networking sphere, has announced plans to collaborate with Conduit, a leading crypto infrastructure service provider, to develop its native blockchain. The platform’s native FRIEND token surged by approximately 15% following the news, reaching $0.96 at press time. This collaboration will result in the development of Friendchain, a proprietary blockchain that will leverage the FRIEND token as a transferable gas token. While the platform has not provided a specific launch timeline for the project, the announcement has sparked varied reactions within the community.
The decision to develop Friendchain comes after recent statements from the project’s co-founder, Racer, discussing a potential departure from the Coinbase-backed Ethereum layer-2 network Base due to feelings of alienation from the ecosystem. Some analysts view the move as a natural progression for successful decentralized applications, while others caution that it may impede growth. A prominent FriendTech advocate described the decision as “short-term bullish and mid-term bearish” for the crypto venture, emphasizing the importance of maximizing user acquisition to establish a solid user base.
Since its launch in August 2023, Friend.tech has emerged as one of the leading SocialFI decentralized applications on the Base network. The platform experienced a peak daily transaction volume of over 500,000 but has since seen a significant decline to record lows of less than 1000. The platform’s success has led to its decision to develop its native blockchain, Friendchain, in collaboration with Conduit. This move is seen as a strategic step towards further growth and expansion within the web3 social networking space.
The announcement of Friendchain has generated both positive and cautious reactions within the community. While some view it as a necessary evolution for decentralized applications, others express concerns about potential obstacles to growth. Friend.tech’s decision to develop its blockchain reflects a broader trend in the industry, where successful projects are taking steps towards independence from existing networks. The platform will continue to keep users updated on the progress of Friendchain as it moves forward with the development.
As Friend.tech transitions towards the development of Friendchain, it will be essential for the platform to focus on maximizing user acquisition and solidifying its user base. This strategic approach, combined with leveraging connections through existing blockchains like Base and Solana, can help drive growth and success in the long term. By prioritizing user acquisition and building a strong foundation, Friend.tech can position itself as a key player in the evolving web3 social networking landscape.
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