- The popular SocialFi application protocol, Friend.tech, has announced a significant shift in its operational strategy.
- The team has decided to transition from Coinbase’s Base chain to create its own dedicated blockchain network.
- This move is spearheaded in collaboration with Conduit, a firm known for its Ethereum rollup technology.
Friend.tech to Launch New Blockchain, Partnering with Conduit
Friend.tech Teams Up with Conduit to Establish Friendchain
Friend.tech, originally launched on Coinbase’s Base chain, has made a strategic decision to build its own blockchain named Friendchain. This development is made possible through a partnership with Conduit, a company specializing in Ethereum rollups. The new blockchain will utilize FRIEND as its primary gas token, creating a fully transferable utility within the ecosystem.
Features and Benefits of Friendchain
The introduction of Friendchain aims to enhance the functionality and scalability of the SocialFi platform. Friend.tech allows users to connect their X accounts to a crypto wallet, fostering a decentralized social finance environment. This initiative offers fans and creators a direct engagement channel, differentiating itself from traditional platforms. Additionally, it enables users to invest in the potential growth of profiles by purchasing keys, which can increase in resale value.
Preparing for the Friendchain Testnet
Friend.tech has announced the forthcoming launch of the Friendchain testnet, inviting users to sign up and participate in this early phase. While specific dates have not been disclosed, the team assures continuous updates and information to keep the community informed as the project progresses.
Future Prospects and Market Insights
Since its inception in 2023, Friend.tech has amassed approximately $9 million in Total Value Locked (TVL) with over 916,800 unique users engaged in transactions. Despite a recent 20% price dip, with FRIEND trading at $0.791, the platform’s growth metrics indicate a strong user base and significant engagement.
Conclusion
The transition to Friendchain marks a pivotal moment for Friend.tech, promising enhanced scalability and direct user interaction within the SocialFi space. As the platform evolves, users and investors alike will be watching closely to assess its impact on the broader ecosystem.
