Friend.tech, a prominent player in the web3 social networking sector, has revealed intentions to partner with Conduit, a well-known crypto infrastructure service provider, in order to establish its own blockchain platform.
Unveiled on June 8, Friend.tech introduced plans for Friendchain, a unique blockchain that will make use of the FRIEND token as a transferable gas token.
The specific launch date for the project was not disclosed at this time.
The decision comes as no surprise, especially considering recent comments made by the project’s co-founder, Racer. In May, Racer hinted at the possibility of moving away from the Coinbase-backed Ethereum layer-2 network Base due to a sense of detachment from the ecosystem. In fact, he even offered a $200,000 reward to any developer who could successfully transition the platform from Base without causing major disruptions.
However, the recent announcement has generated mixed reactions within the community. Some analysts see it as a natural evolution, suggesting that successful decentralized applications will eventually transition into independent chains. Others are cautious, warning that this move could impede growth.
A well-known FriendTech supporter, known as The Giver on social media platform X, described the decision as “short-term bullish and mid-term bearish” for the crypto venture.
According to the analyst, FriendTech should concentrate on expanding its user base by leveraging connections through the Base and Solana blockchains.
Since its inception in August 2023, Friend.tech has emerged as a leading SocialFi decentralized application (dApp) on the Base network. The platform allows users to purchase keys associated with their social media accounts, enabling direct interactions with influencers.
Key purchases not only grant access to chats but also offer financial benefits. Users can earn a share of transaction fees and reward points that may result in token airdrops.
With the launch of its second version and a token airdrop campaign last month, Friend.tech has solidified its position as a frontrunner in the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform continues to lead the SocialFi trend with nearly $10 million in TVL as of June 8, according to DeFiLlama data.
Currently, the FRIEND token is trading at around $0.8439, reflecting a 15% increase in the past 24 hours, as per CoinMarketCap data.
For more information, read:
Friend.Tech’s token falls 98% following airdrop fiasco.