Blockchain
Friend.tech will leave Base for its own blockchain
Friend.tech has reignited enthusiasm for cryptocurrency markets in a bear market. Image: Friend.tech/Canva
Friend.tech, a decentralized social media platform, has partnered with crypto infrastructure company Conduit to develop its own blockchain, called Friendchain.
Following the June 9 announcement, the platform’s native token, FRIEND, saw a temporary price increase, but has fallen by nearly 5% in the past 24 hours, according to CoinGecko data.
Friend.tech will leave Coinbase’s Etheruem layer 2 base, potentially altering the platform’s cost structure and user interactions.
Friend.tech’s decision to create its own blockchain follows a period of stagnant transactions since its strong launch in August 2023.
The platform saw a spike in transactions on the day of the announcement, which also coincided with a significant sell-off of Friend tokens by a user shortly after a major airdrop.