Friend.tech leaves the Coinbase L2 base and announces its migration to the new Blockchain

The decentralized social network Friend.tech has unveiled plans to move from Coinbase’s Layer 2 blockchain foundation to its proprietary network, Friendchain. This development will take place as part of the platform’s collaboration with Conduit, a crypto infrastructure services provider.

When will the new Friend.tech Blockchain be launched?

On June 8th posted on X, web3 social platform Friend.tech has 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 use the recently launched FRIEND token as a fully transferable gas token.

While the decentralized platform’s team did not reveal a timeline for the network migration, the announcement states that users will be kept abreast of relevant information “in the coming months.” From Friend.tech’s message, it can be deduced that the migration of the Friendchain mainnet could take months.

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However, this development isn’t exactly a surprise, considering Friend.tech co-founder Racer had publicly expressed his desire to move the decentralized social platform off Base in late May. In a now inaccessible post on X, Racer talked about the Friend.tech team’s shaky relationship with Base:

Farcaster investors went on a rampage to smear us when we launched because they didn’t understand what we were doing. We pushed their team and users really hard and since then the relationship has gone downhill with us being ostracized from everything about the Base community.

After its launch in August 2023, Friend.tech was quick to do so assert yourself as one of the leading decentralized applications (dApps) on the Base network. However, the social platform has seen user interest and engagement cool in recent months.

FRIEND increases by 17% after the announcement of the new blockchain

After Racer hinted at a possible exit from Base, the value of the FRIEND token plummeted by 20%. This has somewhat exacerbated the unfavorable sentiment around the token after ITS largely”unsuccessful air launch.” in May.

This time, however, 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 one point.

As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% price increase over the past day. However, this latest price spike was not enough to erase the token’s loss in the weekly period.

FRIEND price on the daily time slot | Source: FRIENDUSDT chart on TradingView

Featured image of Fortune, chart by TradingView

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