- The decentralized social network Friend.tech has announced its transition from Coinbase’s Base Layer 2 blockchain to its own proprietary network, Friendchain. This move marks a significant partnership with Conduit, a crypto infrastructure service provider.
- This surprising development follows public remarks by Friend.tech co-founder Racer, who previously hinted at discontent with the Base network.
- Friend.tech plans to keep its user base informed about the migration details over the coming months, although specific timelines have not been disclosed.
Friend.tech, a decentralized social network, migrates to its own blockchain “Friendchain,” impacting the cryptocurrency landscape.
Friend.tech Unveils Launch Plans for Proprietary Blockchain
In a significant announcement made on June 8th, decentralized social platform Friend.tech disclosed its plan to launch a new blockchain known as “Friendchain.” This move signals the end of its collaboration with Coinbase’s Base network. The newly introduced blockchain will utilize the FRIEND token as a transferable gas token, adding a unique aspect to its infrastructure.
While the Friend.tech team has not provided an exact timeframe for this transition, they have assured users that updates and significant information will be communicated periodically over the coming months. This lack of specific dates suggests a cautious approach towards the mainnet migration, which may extend over a considerable period.
Reasons Behind the Transition
Friend.tech’s decision to shift from the Base network is not entirely unforeseen. In May, Racer, the platform’s co-founder, revealed dissatisfaction with their partnership with Base. Racer cited discord within the Base community as a driving force behind this change. In a now-deleted post, he highlighted tensions stemming from their initial launch, leading to a strained relationship.
Farcaster investors went apeshit smearing us when we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community.
Since its inception in August 2023, Friend.tech quickly rose to prominence as a leading decentralized application (dApp) on the Base network. However, the platform has witnessed a decline in user engagement and interest in recent months.
Positive Market Reaction to Friendchain Announcement
Following Racer’s earlier hints at a possible departure from Base, the FRIEND token saw a significant drop, valuing down by 20%. This decline further impacted the sentiment surrounding the token, already affected by an unsuccessful airdrop in May.
The recent conclusive announcement about the new “Friendchain” had a contrasting impact. The FRIEND token experienced a noteworthy rally, surging over 17% and peaking at $1, according to CoinGecko data. Currently, the token is valued at $0.93, marking an 8% increase within the last 24 hours. However, this boost hasn’t completely offset its losses over the weekly period.
Conclusion
Friend.tech’s strategic migration to its proprietary blockchain, Friendchain, signifies a notable shift within the decentralized social network space. While the immediate reaction from the market has been positive, with the FRIEND token rallying, the long-term success will depend on the platform’s ability to fully integrate and capitalize on its new infrastructure. Stakeholders and users should stay tuned for further updates as the transition unfolds over the coming months.
