The decentralized Friend.tech social network revealed plans to move from Coinbase’s Layer 2 blockchain foundation to its proprietary network, Friendchain. This development will come as part of the platform’s collaboration with Conduit, a cryptographic infrastructure service provider.
When will the new Friend.tech blockchain be launched?
On a June 8th post on, web3 social platform Friend.tech revealed its plans to create a new blockchain called “Friendchain”, ending its partnership with the Coinbase-incubated Base network. According to the announcement, Friendchain is a proprietary blockchain that will utilize the recently launched FRIEND token as a fully transferable gas token.
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While the decentralized platform team did not release a timeline for the network migration, the announcement said that users will be kept updated on relevant information “in the coming months.” It can be deduced from Friend.tech’s message that the Friendchain mainnet migration could take months.
We are pleased to work with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you updated with all the information you need over the coming months as we build this exciting new chapter. pic.twitter.com/HRa26vfFEX
– amigo.tech (@friendtech) June 8, 2024
However, this development isn’t exactly a surprise considering that Friend.tech co-founder Racer publicly expressed a desire to move the decentralized social platform off Base in late May. In a now-inaccessible post on X, Racer said of the Friend.tech team’s shaky relationship with Base:
Farcaster investors went crazy and defamed us when we launched because they misunderstood what we were doing. I pushed the team and users a lot, and the relationship has deteriorated since then, with us being ostracized from anything in the ‘Base’ community.
Following its launch in August 2023, Friend.tech was quick to settle on as one of the top decentralized applications (dApps) on the Base network. However, the social platform has seen user interest and engagement cool in recent months.
FRIEND rises 17% after new Blockchain announcement
After Racer suggested a possible exit from Base, the value of the FRIEND token fell by 20%. This has somewhat worsened the unfavorable sentiment surrounding the token following ITS largely.”unsuccessful air launch” in May.
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This time, however, the latest confirmation from “Friendchain” had a very positive impact on the price of FRIEND. According to data from CoinGecko, the cryptocurrency jumped more than 17% after the recent announcement, reaching $1 at some point.
At the time of this writing, the FRIEND token is valued at $0.93, reflecting an 8% price increase over the previous day. However, this latest price increase was not enough to eliminate the token’s loss in the weekly period.
Featured image from Fortune, chart from TradingView