Friend.tech, a prominent web3 social networking platform, announced its collaboration with Conduit to develop a native blockchain called Friendchain. Unveiled on June 8, Friendchain will use the FRIEND token as a fully transferable gas token, though its launch timeline remains unspecified.
This move follows co-founder Racer’s earlier hints about leaving the Coinbase-backed Base network due to ecosystem alienation. The announcement has generated mixed reactions within the community, with some seeing it as a natural progression and others expressing concerns about potential growth hindrances.
Since its August 2023 launch, Friend.tech has emerged as a leading SocialFi dApp on Base, allowing users to buy keys linked to social media accounts for direct influencer interactions. FRIEND token is currently trading at around $0.8439, up 15% in 24 hours.
By establishing Friendchain, Friend.tech aims to secure long-term independence and innovation within the decentralized application space.
