FriendTech to move to new Friendchain blockchain in move away from Base
Quick Take
- Web3 social network FriendTech has announced plans to migrate away from Coinbase’s Layer 2 blockchain Base to a proprietary Friendchain network built in partnership with blockchain infrastructure provider Conduit.
- FriendTech co-founder Racer had previously hinted that a move away from Base was being considered for the social network.
Web3 social network FriendTech has officially broken off its friendship with Base, the Ethereum Layer 2 network stewarded by Coinbase, as it prepares to migrate to a new blockchain dubbed Friendchain, created in partnership with blockchain infrastructure provider Conduit.
The network will use FriendTech's native token as a "fully transferable gas token" and while the protocol didn't specify a timeline for the move, its announcement on X promised to keep its users informed "over the coming months" as development of the blockchain progresses.
While the announcement had scant other details, the move isn't entirely a surprise given FriendTech co-founder Racer's recent public comments insinuating that the team desired to migrate away from Base. At the time, Racer's announcement caused FriendTech's token to drop 20% in price.
The recent announcement has seemingly had the inverse effect on the price, however, which has risen 11% over the past twenty-four hours, according to The Block's Price Page.
The platform has recently seen a decline in engagement in terms of buyers and sellers of the keys which grant access to specific users' posts. While the activity on the network briefly increased at the beginning of May with the launch of FriendTech's 'v2' upgrade, with tens of thousands of transactions on the service per day, those numbers have since fallen to levels similar to the pre-v2 upgrade period, according to The Block's data.
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