- Friend.tech, a Web3 social media platform, is set to part ways with Base.
- The platform announced via social media its plan to move to a new blockchain.
- This development comes as no surprise to those who have been following the project closely.
Friend.tech shifts to a new blockchain, leaving Base behind. Learn more about their upcoming transition, token usage, and future plans.
Friend.tech Announces Move from Base to Friendchain
Friend.tech, initially hosted on Base, an Ethereum Layer 2 network developed by Coinbase, is preparing for a significant transition. The platform revealed it will be migrating to a new blockchain called Friendchain, developed in collaboration with Conduit. While the exact date for this migration has not been specified, it is expected to occur in the next few months.
Introduction of FRIEND Token
In conjunction with its move to Friendchain, Friend.tech plans to introduce its own token, FRIEND. This token will function as a gas token, facilitating transactions on the new blockchain. The project promises that FRIEND will be fully transferable, aligning with the decentralized nature of the platform.
Reasons Behind the Move
The departure from Base may not come as a surprise. Friend.tech’s founder, known by the pseudonym “Racer,” had hinted at this possibility last month. Racer previously stated, “If you can find a way to seamlessly transition Friend.tech from Base without causing significant issues for users, and it works well enough for us to make the switch, we will pay $200,000.” This statement had an immediate impact, causing the price of FRIEND to drop by 20%.
Platform Overview
Friend.tech is a decentralized social media platform that enables content creators to monetize their content. Launched in August 2023, the platform’s foundation is built on “keys,” which are shares used to access exclusive posts by users on Friend.tech.
Conclusion
Friend.tech’s pivot to Friendchain signifies a strategic shift aimed at enhancing its platform capabilities and aligning more closely with its decentralized ethos. As the project transitions, users and investors will be keenly watching for its impact on usability and token value. The crypto community will undoubtedly look forward to the upcoming changes and how they will reshape Friend.tech’s landscape.
