Friendtech Develops Own Blockchain, Enhancing SocialFi Experience

• Friendtech announces the development of its own blockchain, Friendchain
• FRIEND token to be used as a fully transferable gas token on the new blockchain
• The move is expected to provide greater flexibility and control over operations
• Partnership with Conduit is crucial to the development of Friendchain
• FRIEND token price increases by 11% following the announcement

In a bold move that could redefine the landscape of SocialFi (Social Finance), Friendtech, a leading decentralized social media platform, has announced its departure from the Base network to develop its own native blockchain. This significant development comes as the company seeks to enhance the user experience and explore new opportunities in the rapidly evolving world of decentralized finance.

The decision to create a native blockchain, dubbed “Friendchain,” is the result of a strategic partnership with Conduit, a crypto-native infrastructure platform. Friendtech’s native token, FRIEND, will be used as a fully transferable gas token on the new blockchain. This move is expected to provide the platform with greater flexibility and control over its operations, ultimately benefiting its users.

Friendtech‘s co-founder, Racer, had previously expressed the desire to leave Base, citing a shaky relationship with the network. The platform’s recent announcement has been met with mixed reactions from the community, with some users expressing concerns about the necessity of a proprietary blockchain and the potential for higher transaction fees. However, the price of the FRIEND token has seen a positive impact, increasing by 11% in the last 24 hours following the announcement.

Friendtech’s Journey to Independence

Friendtech’s decision to develop its own blockchain comes after a period of rapid growth and success on the Base network. The platform, which allows users to purchase Keys linked to their social media accounts, has quickly become a notable player in the SocialFi arena. Despite a recent 20% decrease in total value locked, Friendtech still leads the SocialFi trend with a TVL of nearly $10 million as of June 8, according to data from DeFiLlama.

The Advantages of Friendchain

• Increased flexibility and control over operations
• Enhanced security and scalability
• Greater potential for innovation and growth
• Improved user experience

The Role of Conduit

Friendtech’s partnership with Conduit, a crypto-native infrastructure platform, is crucial to the development of Friendchain. Conduit will provide the necessary infrastructure and support to ensure the successful launch and operation of the new blockchain.

The Future of FriendTech

With the development of Friendchain, Friendtech is poised to take a significant step forward in the world of SocialFi. The platform’s commitment to innovation and user experience is evident in this bold move, which is expected to benefit its users in the long run.

According to CoinGecko, the price of the FRIEND token has increased by 11% in the last 24 hours following the announcement of Friendchain’s development.