A cryptocurrency project with a strong social media focus has decided to reverse its earlier plan to depart from Coinbase’s blockchain, a leading US-based crypto exchange.
In a recent update posted on the social media platform X, Friend.tech (FRIEND) announced a change in direction, citing community feedback as the primary reason for maintaining its presence on Coinbase’s platform instead of forging ahead with plans to establish its own blockchain.
“We’ve listened to your feedback: the community prefers FRIEND to remain on its current chain, and we agree. FRIEND was always intended as a token fully controlled by the community, powering the Clubs contract. Migrating supply and liquidity would contradict this ethos. Users can still create clubs, chat, purchase keys, and utilize FRIEND within the friendtech app on Coinbase.”
Furthermore, Friend.tech has eliminated all protocol fees across BunnySwap, Clubs, and v1 smart contracts. Now, 100% of these fees will benefit traders, liquidity providers (LPs), and community-elected Club presidents.
Just last month, Friend.tech had announced its decision to move away from Coinbase to collaborate with Conduit, a company specializing in Ethereum (ETH) rollups, to establish Friendchain, its proprietary network.
Established in 2023, Friend.tech facilitates the integration of X platform accounts with crypto wallets, creating a decentralized finance (DeFi) social media ecosystem where enthusiasts and creators can interact.
Currently, FRIEND is trading at $0.323, marking a 22.4% decline over the past 24 hours.
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