Friend.tech announces the development of its own blockchain network, Friendchain, in collaboration with Conduit, aiming to enhance its platform’s performance and user experience.
- Friend.tech partners with Conduit to create Friendchain.
- Migration from Base ecosystem to Friendchain planned.
- FRIEND to be used as a fully transferable gas token.
- Details to be revealed in the coming months.
- FRIEND token sees a moderate rise of 6.4% post-announcement.
Friend.tech and Conduit Collaborate on Friendchain Development
The SocialFi platform, friend.tech, has announced a strategic partnership with infrastructure provider Conduit to develop a new blockchain network named Friendchain. This collaboration is set to facilitate the migration of the friend.tech platform from the Base ecosystem to its own dedicated network, aiming to improve performance and user engagement.
Key Features and Token Utilization
Friendchain will leverage the FRIEND token as a **fully transferable gas token**, enhancing transaction efficiency within the network. The announcement from friend.tech highlights that the specifics of the release timeline and the subsequent platform migration will be disclosed in the upcoming months.
Market Reaction and Token Performance
The FRIEND token responded positively to the news, experiencing a moderate rise of 6.4% in the past 24 hours. This comes after its initial release and listing on centralized exchanges in early May 2024, where it saw a significant drop of 64% following its market debut.
Background and Future Prospects
Launched in August 2023 alongside the Base network, friend.tech has seen fluctuating activity levels. The decision to migrate stems from “complex relations” with the Base team, as stated by co-founder Racer in late May 2024. The move to Friendchain is anticipated to rejuvenate the platform’s activity and provide a more stable foundation for future developments.
In summary, the partnership between friend.tech and Conduit to create Friendchain marks a significant step towards enhancing the platform’s capabilities and user experience. With the FRIEND token playing a crucial role in this new ecosystem, stakeholders eagerly await further details on the implementation and benefits of this transition, which could potentially influence the broader cryptocurrency market.
