- Friend.tech, a social media-centric crypto initiative, decides to stay on Coinbase’s blockchain, Base.
- Community feedback played a pivotal role in reversing the previous decision to migrate to a self-developed blockchain.
- “Friend will remain on Base. This choice aligns with our mission of being a 100% community-controlled token,” stated Friend.tech.
Friend.tech’s community-driven decision ensures continuity and reaffirms its commitment to Base’s blockchain.
Community Feedback Influences Friend.tech’s Decision
Friend.tech, originally considering a shift to create its own blockchain, has decided to stay on Coinbase’s Base blockchain. This reversal in strategy is heavily influenced by feedback from its vibrant community. The crypto project’s announcement emphasized the intent to maintain its decentralized, community-controlled ethos by not moving liquidity and token supply to another chain.
Communities’ Role in Shaping Blockchain Movements
In recent communications via the platform X, Friend.tech reassured users that the foundational features like creating clubs, chatting, buying keys, and using tokens will continue to function seamlessly on Base. The organization underscored its dedication to the community by abolishing all protocol fees from BunnySwap, Clubs, and v1 smart contracts. Consequently, all transaction fees will now benefit traders, liquidity providers, and club presidents within the community.
Previous Plans and the Rationale Behind the U-turn
Initially, Friend.tech had announced a collaboration with Conduit, a firm specializing in Ethereum rollups, to establish Friendchain, its exclusive network. Launched in 2023, Friend.tech integrates social media with decentralized finance (DeFi) by linking social media accounts to crypto wallets, fostering interaction between creators and fans in a unique, decentralized manner. However, after listening to its community, the platform backtracked on the migration to ensure greater alignment with its core values.
Financial Performance and Market Sentiment
As of the time of writing, Friend.tech’s token, FRIEND, is trading at $0.323, marking a 22.4% dip over the last 24 hours. This volatility underscores the highly dynamic nature of the crypto market where decisions, community sentiment, and broader market trends play a crucial role in influencing token values.
Conclusion
Friend.tech’s recent decision exemplifies the growing importance of community engagement and feedback in the blockchain space. By choosing to remain on Base, the platform not only reinforces its mission of being a community-driven project but also sets a precedent for other crypto projects to consider the voice of their users. As the crypto landscape evolves, such participatory decision-making processes could become a defining characteristic of successful blockchain initiatives.
