Friend.tech To Exit Coinbase L2 Base, Announces Migration To New Blockchain
June 09 2024 - 5:20AM
NEWSBTC
The decentralized social network Friend.tech has unveiled plans to
move from Coinbase’s Layer 2 blockchain Base to its proprietary
network, Friendchain. This development will come as part of the
platform’s collaboration with Conduit, a crypto infrastructure
service provider. When Will The New Friend.tech Blockchain Launch?
In a June 8th post on X, web3 social platform Friend.tech revealed
its plans to create a new blockchain dubbed “Friendchain,” winding
down 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. Related Reading: Is A Bitcoin Crash
Below $50,000 Still Possible? Crypto Analyst Shares The
Possibilities Although the decentralized platform’s team didn’t
disclose a timeline for the network migration, the announcement did
say that users will be kept abreast of relevant information “over
the coming months.” It can be deduced from Friend.tech’s message
that the Friendchain mainnet migration could take months. We’re
pleased to be working with @conduitxyz on Friendchain, our own
blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you up-to-date with all the info you need over the
coming months as we build out this exciting new chapter.
pic.twitter.com/HRa26vfFEX — friend.tech (@friendtech) June 8, 2024
However, this development isn’t exactly a surprise, considering
that the Friend.tech co-founder Racer had publicly expressed the
desire to move the decentralized social platform off Base in late
May. In a now-inaccessible post on X, Racer said about Friend.tech
team’s shaky relationship with Base: Farcaster investors went
apeshit smearing us when we launched because they misunderstood
what we were doing. Pushed it really hard on their team and users
and the relationship has been downhill since then with us getting
ostracized from anything that is for the ‘Base community. Following
its launch in August 2023, Friend.tech was quick to establish
itself as one of the top decentralized applications (dApps) on the
Base network. However, the social platform has seen user interest
and engagement cool off in recent months. FRIEND Rallies 17% After
New Blockchain Announcement After Racer hinted at a possible exit
from Base, the value of the FRIEND token plunged by 20%. This
somewhat compounded the unfavorable sentiment around the token
after ITS largely “unsuccessful” airdrop in May. Related Reading:
Dogecoin Price Prediction: Analyst Forecasts Meteoric 21,700% Rise
To $17, Here’s When This time around, though, the latest
confirmation of “Friendchain” had a rather positive impact on the
price of FRIEND. According to data from CoinGecko, the
cryptocurrency jumped more than 17% following the recent
announcement, reaching $1 at some point. As of this writing, the
FRIEND token is valued at $0.93, reflecting an 8% price increase in
the past day. However, this latest price spike has not been enough
to wipe the token’s loss on the weekly timeframe. Featured image
from Fortune, chart from TradingView
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