The social finance application protocol Friend.tech (FRIEND) has announced its departure from Coinbase’s Base chain to establish its own network.
In a recent announcement, the team behind the platform revealed that they will be collaborating with Conduit, a company that offers Ethereum (ETH) rollups, to develop Friendchain, a new blockchain that will use FRIEND as its gas token.
“We are excited to partner with Conduit on Friendchain, our unique blockchain that will utilize FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and exciting journey in the coming months.”
Users can now register for the upcoming Friendchain testnet, although the launch date has not been specified.
Friend.tech, launched in 2023, enables users to connect their X accounts to a crypto wallet address, creating a decentralized social finance (DeFi) platform where fans and creators can directly interact.
“Friend.tech facilitates direct engagement between users and creators, which may not be possible through traditional channels. For instance, a basketball enthusiast can purchase NBA player Grayson Allen’s Key to engage in a conversation with him. Additionally, users can speculate on the growth of profiles or creators by acquiring their keys, which can be resold.”
Data from market intelligence firm Dune Analytics shows that Friend.tech has a Total Value Locked (TVL) of nearly $9 million and has attracted over 916,800 users who have completed at least one trade on the platform.
At the time of writing, FRIEND is trading at $0.791, reflecting a decrease of almost 20% in the last 24 hours.
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