Friendtech partners with Conduit to debut innovative Friendchain technology
Friend.tech, a prominent player in the web3 social networking industry, has announced a new partnership with Conduit, a well-known provider of crypto infrastructure services, to develop its very own blockchain.
Revealed on June 8, Friend.tech introduced plans for Friendchain, a unique blockchain that will use the FRIEND token as a fully transferable gas token. The platform did not specify a set timeline for the project’s launch.
This decision comes as no surprise, following recent comments from 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 disconnect from the ecosystem. He even offered a reward of $200,000 to any developer who could smoothly migrate the platform from Base without causing major disruptions.
Despite the announcement, the community’s reaction has been mixed. While some analysts see it as a natural evolution, suggesting that successful decentralized applications will eventually transition to independent chains, others express concerns that this move could impede growth.
A vocal supporter of FriendTech, known as The Giver on social media platform X, described the decision as “short-term bullish and mid-term bearish” for the crypto project. According to the analyst, FriendTech should concentrate on expanding its user base by leveraging connections through the Base and Solana blockchains.
Friend.tech has established itself as a leading SocialFi decentralized application (dApp) on the Base network since its inception in August 2023. The platform’s unique model allows users to purchase keys associated with their social media accounts, enabling direct engagement with influencers.
Key purchases not only unlock chat features but also offer financial incentives. Users receive a portion of transaction fees and reward points that can result in token airdrops.
With the launch of its second version and a recent token airdrop campaign, Friend.tech has strengthened its position as a frontrunner in the SocialFi movement. Despite a slight decrease in total value locked, the platform maintains its lead in the SocialFi sector with nearly $10 million in TVL as of June 8, as reported by DeFiLlama.
Currently, the FRIEND token is trading at approximately $0.8439, marking a 15% increase in the past 24 hours, according to data from CoinMarketCap.
