Friend.tech’s application protocol, known as FRIEND, has announced its decision to move away from Coinbase’s Base chain in order to create its own network. The team behind the social finance platform revealed that they will be teaming up with Conduit, a company specializing in Ethereum rollups, to develop Friendchain, a unique blockchain that will utilize FRIEND as its gas token.
“We are excited to collaborate with Conduit on Friendchain, our very own blockchain that will use FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and thrilling chapter in the coming months,” stated the team.
Friend.tech has opened sign-ups for the upcoming Friendchain testnet, although an exact launch date has not been specified. Launched in 2023, Friend.tech enables users to connect their X accounts to a crypto wallet address, creating a decentralized social finance space where fans and creators can interact directly.
The platform allows users to engage directly with creators in ways that are not typically 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 investing in their keys.
According to data from market intelligence firm Dune Analytics, Friend.tech boasts nearly $9 million in Total Value Locked (TVL) and has over 916,800 users who have conducted at least one trade on the platform. Currently, FRIEND is trading at $0.791, representing a nearly 20% decrease in the last 24 hours.
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Disclaimer: The opinions expressed in this article are not financial advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl may engage in affiliate marketing.
Featured Image: Shutterstock/Yurchanka Siarhei
