Decentralized Friend.tech social network has revealed plans to migrate from Coinbase’s Layer 2 blockchain to its own Friendchain network. This development will be part of the platform’s collaboration with Conduit, a cryptographic infrastructure services provider.
When will the modern Friend.tech Blockchain be launched?
On June 8 write to X, web3 social platform Friend.tech has revealed its plans to create a modern blockchain called “Friendchain,” ending its partnership with the Coinbase-incubated Base network. According to the announcement, Friendchain is a proprietary blockchain that will leverage the recently launched FRIEND token as a fully tradable gas token.
While the decentralized platform team did not reveal a timeline for the network migration, the announcement stated that users will be kept updated with relevant information “in the coming months.” From Friend.tech’s news, it could take months to migrate the Friendchain mainnet.
We are pleased with the cooperation @conduitxyz on Friendchain, our own blockchain that uses $Friend as a fully tradable gas token.
We’ll keep you updated over the coming months with all the information you need as we build this invigorating modern chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
However, this development isn’t particularly surprising considering Friend.tech co-founder Racer publicly expressed his desire to move the decentralized social platform away from Base in overdue May. In a now-unavailable post on X, Racer said about the Friend.tech team’s rocky relationship with Base:
The Farcaster investors went crazy, slandering us when we launched because they misunderstood what we were doing. We pushed this very tough on our team and users and since then the relationship has deteriorated and we have been ostracized from anything that is intended for the “Base” community.
After launching in August 2023, Friend.tech did just that quickly settle down as one of the best decentralized applications (dApps) in the Base network. However, in recent months, user interest and engagement has waned on the social media platform.
FRIEND surges 17% after modern Blockchain announcement
After Racer suggested a possible exit from the Base, the value of the FRIEND token decreased by 20%. This somewhat worsened the negative sentiment around the token after the largely “failed” ITS airdrop in May.
This time, however, the latest confirmation of “Friendchain” had a quite positive impact on the price of FRIEND. According to CoinGecko data, after the recent announcement, the cryptocurrency increased by over 17%, at one point reaching $1.
At the time of writing, the value of the FRIEND token is $0.93, reflecting an 8% price escalate over the last day. However, this latest price spike was not enough to offset the token’s loss on the weekly time frame.
Featured image from Fortune, chart from TradingView
