Tech
Friend.tech Unveils Plan for Native Friendchain
Friend.tech, a leading player in the web3 social networking sphere, has announced plans to partner with Conduit, a leading provider of crypto infrastructure services, to develop its native blockchain.
Following the news, the platform’s native FRIEND token increased by approximately 15% to reach $0.96 as of this writing.
FRIEND will play a central role on Friendchain
On June 8, Friend.tech revealed plans for Friendchain, a proprietary blockchain intended to leverage the FRIEND token as a fully transferable gas token. The platform, however, failed to provide a specific launch timeline for the project.
“We are pleased to work with Conduit on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token. We will keep you updated with all the information you need over the coming months as we build this exciting new chapter,” the platform declared.
To know more: What is Friend.Tech? A deep dive into the Web3 social media app
Meanwhile, this decision is not a surprise, considering how recent it is statements from the project co-founder, Runner. In May, Racer discussed potentially departing from Ethereum layer-2 network base supported by Coinbase due to feelings of alienation from the ecosystem. At the time, he offered a $200,000 reward to any developer who could migrate the platform from Base without major problems.
However, the recent announcement of the project has sparked different reactions within the community. Some analysts perceive it as a natural progression, suggesting this successful decentralized applications they would eventually evolve into independent chains. Others, however, 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 prioritize maximizing user acquisition to establish a strong user base, ideally leveraging connections across the Base and Solana blockchain.
“The ultimate long-term vision is for backers/investors to continue cutting protocol fees and come out with a SaaS multiple for a Web2 company [that is] the Web3 portal for monetized social media. Friend.tech’s attempt to capture the value accumulated in the chain today is too hedonistic. The disconnect between v1 (where value is actually generated) and v2 (club, mortgaging FP) has yet to be resolved,” he added.
To know more: A beginner’s guide to Layer-2 scaling solutions
Friend.tech transaction volume. Source: Dune analysis
Since its launch in August 2023, Friend.tech has emerged as one of the leaders SocialFI decentralized applications (dApps) on the Basic network. At its peak, the platform generated a daily transaction volume of more than 500,000, but it has recently dropped dramatically to record lows of less than 1,000, according to a study. Dune analysis control Panel.
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