Friendtech partners with Conduit to launch revolutionary technology Friendchain
Friend.tech, a prominent figure in the web3 social networking realm, has revealed intentions to team up with Conduit, a well-known crypto infrastructure service provider, to develop its very own blockchain.
On June 8, Friend.tech announced the creation of Friendchain, an exclusive blockchain that will utilize the FRIEND token as a fully transferable gas token. The platform did not provide a specific timeline for the project’s launch.
The decision comes as no surprise, following recent remarks from the project’s co-founder, Racer. In May, Racer hinted at the possibility of departing from the Coinbase-backed Ethereum layer-2 network Base due to a sense of isolation from the ecosystem. He even offered a $200,000 reward for any developer who could seamlessly migrate the platform from Base without significant disruptions.
Nevertheless, the recent revelation has sparked mixed reactions within the community. Some experts see it as a natural evolution, suggesting that successful decentralized applications will eventually transition into independent chains. Others warn that this move could impede growth.
A distinguished FriendTech supporter, known as The Giver on social media platform X, characterized the decision as “short-term bullish and mid-term bearish” for the crypto venture. According to the analyst, FriendTech should concentrate on maximizing user acquisition to establish a robust user base, ideally by leveraging connections through the Base and Solana blockchains.
Since its inception in August 2023, Friend.tech has emerged as one of the leading SocialFi decentralized applications (dApps) on the Base network. The platform enables users to acquire keys associated with their social media accounts, enabling direct interactions with influencers.
Key acquisitions not only provide chat access but also offer financial rewards. Users receive a portion of the transaction fees and reward points that can result in token airdrops.
Following the rollout 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% decline in total value locked, the platform continues to lead the SocialFi trend with nearly $10 million in TVL as of June 8, according to data from DeFiLlama.
Currently, FRIEND is trading at approximately $0.8439, marking a 15% increase in the past 24 hours, as per data from CoinMarketCap.
