Friend.tech, a Web3 social network, has announced its decision to migrate from Base, the Ethereum Layer 2 network operated by Coinbase, to its own blockchain called Friendchain. This migration is being carried out in partnership with Conduit, a blockchain infrastructure provider.
Although no specific timeline was provided in the announcement, Friend.tech has assured its users that they will be kept informed about the progress of the blockchain development in the upcoming months. This decision to move to Friendchain was not unexpected, as co-founder Racer had previously hinted at the team’s desire to shift away from Base, causing a 20% drop in the price of Friend.tech’s native token.
The news of the migration has sparked curiosity among users, particularly regarding the value proposition of a social-focused blockchain. Questions have been raised about potential higher gas fees on Friendchain compared to Base, known for being a “low-cost” Ethereum Layer 2 solution. Despite these concerns, traders have shown interest, leading to a significant price surge in Friend immediately after the announcement.
Within just 20 minutes of the news, the price of Friend surged by 64%, reaching $1.31. However, it quickly dropped to $0.89 within the hour. This fluctuation comes shortly after the launch of the Friend.tech token and a major airdrop.
Since its launch in August 2023, Friend.tech has become one of the top decentralized applications on the Base layer, attracting over 200,000 users and facilitating a trading volume exceeding $230 million. The platform’s unique model converts user influence into tradable tokens called “keys,” allowing users to access a creator’s attention or influence.
Friend.tech has gained popularity not only among cryptocurrency influencers but also NBA players and esports personalities. Despite facing privacy concerns related to user doxxing, the platform has addressed these by clarifying that leaked information was from their public API.
With an uptick in popularity and revenue exceeding $500,000 in May, Friend.tech continues to attract attention in the crypto space. Follow Friend.tech on Google News for more updates.
