Friend.tech, the decentralized social network, has announced its plans to move from Coinbase’s Layer 2 blockchain Base to its proprietary network called Friendchain in collaboration with Conduit, a crypto infrastructure service provider. The announcement was made on June 8th, revealing that Friendchain will utilize the FRIEND token as a fully transferable gas token. While a specific timeline for the network migration was not disclosed, users can expect to receive updates over the coming months, indicating that the Friendchain mainnet migration could take some time.
The decision to transition to Friendchain comes after Friend.tech co-founder Racer publicly expressed the desire to move the platform off Base due to a strained relationship with the network. Following its launch in August 2023, Friend.tech quickly became one of the top dApps on the Base network but saw a decline in user interest and engagement in recent months. Racer’s remarks regarding their relationship with Base and the need to explore alternatives may have influenced the decision to migrate to Friendchain.
The announcement of Friendchain had a positive impact on the value of the FRIEND token, rallying by 17% following the news. This increase in price reversed a previous 20% decline that occurred after Racer hinted at a possible exit from Base. The FRIEND token is currently valued at $0.93, reflecting an 8% price increase in the past day. However, despite the recent spike in price, the token still shows a loss on the weekly timeframe, indicating some volatility in its value.
The collaboration with Conduit on the development of Friendchain signals a new chapter for Friend.tech as it seeks to establish its own blockchain network for its decentralized platform. The use of the FRIEND token as a gas token on Friendchain will provide users with enhanced functionality and benefits within the network. As the migration process unfolds in the coming months, users can expect to receive more information and updates on the transition to the new blockchain network.
Overall, the move to Friendchain represents a strategic decision by Friend.tech to assert greater control over its platform and address any challenges or limitations that may have arisen from its partnership with Base. With the support of Conduit and the enthusiastic response from the community, Friend.tech is optimistic about the potential of Friendchain to enhance user experience and drive further growth and adoption of its decentralized social network. The positive reaction to the announcement and the rally in the price of the FRIEND token indicate a strong interest in the future prospects of Friend.tech and its proprietary blockchain network.
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