Decentralized social network Friend.tech has revealed plans to move from Coinbase’s layer 2 blockchain to its proprietary network, Friendchain. This development will take place as part of the platform’s collaboration with Conduit, a crypto infrastructure service provider.
When will the new Friend.tech blockchain be launched?
In a June 8 post on, web3 social platform Friend.tech has revealed its intention to create a new blockchain called “Friendchain”, ending its partnership with the Base network incubated by Coinbase. According to the announcement, Friendchain is a proprietary blockchain that will use the recently launched FRIEND token as a fully transferable gas token.
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Although the decentralized platform’s team did not disclose a timeline for the network migration, the announcement states that users will be kept updated with relevant information “over the coming months.” It can be inferred from Friend.tech’s post that the migration of the Friendchain mainnet could take months.
We are happy to work with @conduitxyz on Friendchain, our own blockchain which uses $AMI as a fully transferable gas token.
We’ll keep you up to date with all the information you need over the coming months as we build this exciting new chapter. pic.twitter.com/HRa26vfFEX
– friend.tech (@friendtech) June 8, 2024
However, this development doesn’t really come as a surprise, given that Racer, co-founder of Friend.tech, had publicly expressed a desire to move the decentralized social platform off Base in late May. In a now inaccessible article on X, Racer said of the Friend.tech team’s fragile relationship with Base:
Farcaster’s investors went crazy smearing us when we launched because they misunderstood what we were doing. We pushed their team and their users very hard and the relationship has deteriorated since then, we have been ostracized from anything related to the core community.
After its launch in August 2023, Friend.tech was quick to to establish as one of the leading decentralized applications (dApps) on the core network. However, the social platform has seen user interest and engagement cool off in recent months.
FRIEND rallies 17% after the announcement of a new blockchain
After Racer hinted at a possible exit from Base, the value of the FRIEND token plunged 20%. This somewhat worsened the unfavorable sentiment around the token after ITS largely.”unsuccessful airdrop in May.
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This time, however, the latest confirmation of “Friendchain” had a rather positive impact on the price of FRIEND. According to data from CoinGecko, the cryptocurrency surged more than 17% following the recent announcement, hitting $1 at one point.
At the time of writing, the FRIEND token is valued at $0.93, reflecting an 8% price increase over the past day. However, this latest price surge was not enough to erase the token’s loss over the weekly time frame.
Featured image from Fortune, chart from TradingView
