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Friend.tech migrates from base to its own Blockchain
Friend.tech plans to build its own blockchain, Friendchain, using FRIEND as a fully transferable gas token.
Friend.tech plans to use FRIEND as a gas token for its new blockchain.
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Published June 9, 2024 at 11:24 pm EST.
Decentralized social media platform Friend.tech plans to migrate from Coinbase’s Layer 2 Base network to its own blockchain.
On June 8th announcement on
“We will keep you updated with all the information you need over the coming months as we build this exciting new chapter,” the Friend.tech team said.
FRIEND’s price rose more than 60% to a high of $1.34 within 30 minutes of X’s announcement, but has since seen a notable decline, according to data from CoinMarketCap. At the time of writing, the token was trading at around $0.70, down 20% in the past 24 hours.
Several users questioned the need for Friend.tech to build its own separate blockchain, with some arguing there was no real benefit for a socially focused chain in choosing this direction, while others raised concerns that gas costs paid in F.R.I.E.N.D. may be above average levels on the Base.
A pseudonymous user “@lazyvillager1” commented that the move was bullish in the short term, but bearish in the medium term for the project.
“The ultimate long-term vision is for backers/investors to continue to cut protocol fees and come out with a SaaS multiple for a Web2 company becoming the Web3 portal for monetized social media. FT [Friend.tech] trying to capture the value accumulated in the chain today is too hedonistic,” She said the user.
The decision to migrate away from Base isn’t all that surprising, given comments from Friend.tech founder Racer last month.
“System design reward: If you can find a way to migrate Friendstech from Base without causing major problems for users, and it works well enough that they decide to use it, we’ll pay you $200,000,” Racer wrote in a reported X post for the first time since The block. Runner’s X send it appears to have since been cancelled.
Base creator Jesse Pollak shared his thoughts on the situation in his post on and disconnected from the beginning SU.
“I would be sad if the team decided to leave Base, but I also respect and support any path – that’s the beauty of the decentralized, onchain economy!” Pollak said.