- FriendTech is a Web3 social network that has announced its plan to migrate from Base, Coinbase’s Layer 2 blockchain, to Friendchain, its own private network created in partnership with Conduit, a blockchain infrastructure provider.
- Co-founder of FriendTech Racer had previously hinted that the social network would consider leaving Base.
The Web3 social network FriendTech has formally severed its ties to Base, the Ethereum Layer 2 network that Coinbase is stewarding, in order to move to Friendchain, a new blockchain developed in collaboration with blockchain infrastructure provider Conduit.
The protocol didn’t give a timeframe for the switch, but it did pledge to update users on X as the blockchain’s development moves forward. The network will employ FriendTech’s native token as a fully transferable gas token.
Although there were few further details in the statement, Racer, a co-founder of FriendTech, recently made public remarks suggesting that the team wanted to leave Base, so the move isn’t totally surprising. At the time, the price of FriendTech’s token fell by 20% as a result of Racer’s revelation.
However, the price appears to have had the opposite impact of the previous news, rising 10.8% over the last 24 hours.
The number of people buying and selling the keys that allow users to view each other’s posts on the platform has decreased recently.
Despite a brief spike in network activity following the introduction of FriendTech’s ‘v2’ upgrade in early May, when tens of thousands of transactions were made on the service daily, data shows that these numbers have since dropped to levels comparable to the time before the v2 upgrade.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
