Social Platform Friend.tech Announces Migration to Friendchain Network
Web3 social network Friend.tech has decided to part ways with Base, the Ethereum Layer 2 network operated by Coinbase, as it prepares to migrate to its own blockchain called Friendchain.
The migration is being carried out in collaboration with Conduit, a blockchain infrastructure provider.
While no specific timeline was provided in the announcement made on X, Friend.tech assured its users that they will be kept informed about the progress of the blockchain development in the coming months.
The decision to migrate to Friendchain doesn’t come as a complete surprise, as Friend.tech co-founder Racer had previously made public comments hinting at the team’s desire to move away from Base.
Racer’s remarks had caused a 20% drop in the price of Friend.tech’s native token at the time.
The plans to develop their own blockchain have raised questions among users who are curious about the value proposition of a social-focused chain.
One crypto trader, Dr. Jojipup, asked this question in response to Friend.tech’s announcement, while also expressing an interest in understanding the collaboration with Conduit.
Friend.tech clarified that it will utilize its native token, Friend (FRIEND), as a “fully transferable gas token.”
Concerns were raised about potential higher gas fees on Friendchain compared to Base, which is often referred to as a “low-cost” Ethereum Layer 2 solution.
However, despite these concerns, the announcement sparked interest among traders, leading to a significant spike in the price of Friend immediately afterward.
Within just 20 minutes of the announcement, the price of Friend surged by 64%, reaching $1.31.
However, the price quickly retreated to $0.89 within the hour, as reported by CoinMarketCap.
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