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Friend tech Launches Friendchain, Empowers with $FRIEND Token
Friend. tech has revealed that it will partner with Conduit to develop Friendchain, a blockchain designed specifically for the $FRIEND token to be used as the gas token. This development will increase the level of smart contract automation and performance in Web3 social media.
Friend tech Enhances Autonomy with Friendchain Initiative
Friend tech, a leader in the web3 social networking domain, disclosed its collaboration with crypto infrastructure titan Conduit on June 8. Together, they plan to develop a Friendchain featuring the FRIEND token prominently. The platform, however, needed to specify when they expected the blockchain to be operational.
“We’re pleased to be working with Conduit on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token,” said a spokesperson from Friend.tech.
They assured stakeholders that updates would follow as the development progresses.
This initiative follows comments made last May by Racer, the project’s co-founder, about potentially moving away from the Coinbase-backed Ethereum layer-2 network, Base. He mentioned a feeling of detachment from the ecosystem and even offered a $200,000 incentive for a developer who could seamlessly transition the platform without disruptions. This shift towards an independent blockchain aligns with Racer’s strategic vision for greater platform independence.
Friendchain Reaction: Bullish or Bearish Future?
The announcement has elicited mixed reactions from the community and analysts alike. While some view this move as a natural evolution for successful decentralized applications, others express concerns about its potential impact on growth. The Giver, a well-known Friend Tech advocate, commented on social media,
“This move is short-term bullish and mid-term bearish.”
He suggested that Friend tech should focus on user acquisition by leveraging its existing ties with Base and Solana to build a solid user base.
According to The Giver, the challenge lies in balancing immediate value capture with long-term sustainable development.
“The ultimate long-term vision is for backers/investors to continue clipping protocol fees and to exit at a SaaS multiple to a Web2 company that is the Web3 portal for monetized social media,” he explained.
He noted that the platform must address the disconnect between its initial offerings and newer features to realize this vision.
Source: DeFiLlama
Despite experiencing a recent 20% decline in total value locked (TVL), Friend.tech continues to lead the SocialFi movement with nearly $10 million in TVL, according to data from DeFiLlama. Following the announcement, the FRIEND token‘s value spiked by about 15%, reaching $0.96.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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