Tech
Friend.tech collaborates with Conduit, launches Friendchain
Amico.techa key player in the web3 social networking sphere, has revealed plans to partner with Conduit, a well-known crypto infrastructure service provider, to create its native blockchain.
On June 8, Friend.tech unveiled plans for Friendchain, a proprietary blockchain that will use the FRIEND token as a fully transferable gas token.
The platform did not specify a launch timeline for the project.
We are happy to work with @conduitxyz on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you updated with all the information you’ll need over the coming months as we build this exciting new chapter. pic.twitter.com/HRa26vfFEX
— amica.tech (@friendtech) June 8, 2024
Meanwhile, the decision is not surprising, given recent statements from the project’s co-founder, Racer.
In May, Racer mentioned the possibility of leaving the foundation of the Ethereum layer-2 network backed by Coinbase due to feelings of alienation from the ecosystem. It also offered a $200,000 reward for any developer who could successfully migrate the platform from Base without major disruptions.
However, the recent announcement has sparked mixed reactions within the community. Some analysts see this as a natural progression, suggesting that successful decentralized applications will eventually become independent chains. Others warn that this move could hinder growth.
A prominent FriendTech supporter, known as The Giver on social media platform X, described the decision as “bullish in the short term and bearish in the medium term” for the crypto firm.
According to the analyst, FriendTech should focus on maximizing user acquisition to build a strong user base, ideally leveraging connections across the Base and Solana blockchains.
I didn’t add (and I didn’t sell) but as a @friendtech supporters (see pinned post) see this as bullish in the short term and bearish in the medium term
IMO friendly tech should first try to capture as many users as possible to create the strongest moat possible, which is easier to do… https://t.co/iEPXlPKKlX
— The Giver (@lazyvillager1) June 8, 2024
Since its launch in August 2023, Friend.tech has become one of SocialFi’s leading decentralized applications (dApps) on the market Basic network. The platform’s model allows users to purchase keys linked to their social media accounts, facilitating direct interactions with influencers.
Key purchases not only grant access to the chat but also provide financial benefits. Users receive a share of transaction fees and reward points that can lead to token launches.
After launching its second version and a token airdrop campaign last month, Friend.tech has solidified its position at the forefront of the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform is still leading the SocialFi trend with nearly $10 million in TVL as of June 8, according to data from DeFiLlama.
Currently, FRIEND is trading at around $0.8439, up 15% over the past 24 hours, according to data from CoinMarketCap.
FRIEND 24 hour price chart | Source: CoinMarketCap