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SocialFi Application Friend.tech Leaving Base Blockchain in Move To Develop Own Network

June 10, 2024

SocialFi application protocol Friend.tech (FRIEND) says it’s leaving Coinbase’s Base chain to develop its own network.

In a new thread, the team behind the social finance platform says that it will be partnering up with Conduit, a firm that provides Ethereum (ETH) rollups, to work on Friendchain, its very own blockchain that will utilize FRIEND as its gas token.

“We’re pleased to be working with Conduit on Friendchain, our own blockchain that uses FRIEND as a fully transferable gas token. We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter.”

According to Friend.tech, users can sign up for the upcoming Friendchain testnet, but no specific date was mentioned for its launch.

Friend.tech, which launched in 2023, allows users to link their X accounts to a crypto wallet address, creating a social decentralized finance (DeFi) space where fans and creators can directly engage with one another.

“[Friend.tech] allows users to have a direct engagement with creators, which might not be possible in common channels. For example, a basketball fan can buy [NBA player] Grayson Allen’s Key to have a conversation with him. Another feature is it allows the resale value of the membership. Users can bet on the growth of the profiles or creators by buying their keys.”

Data from market intelligence firm Dune Analytics reveals that Friend.tech has nearly $9 million in Total Value Locked (TVL) and just over 916,800 users who have completed at least one trade on the platform.

FRIEND is trading for $0.791 at time of writing, a nearly 20% decrease during the last 24 hours.

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Featured Image: Shutterstock/Yurchanka Siarhei