FriendTech’s Move to Friendchain Signals a Shift in Strategy
FriendTech, the web3 social network, is preparing to make a significant change in direction by leaving Coinbase’s Base blockchain and migrating to a new infrastructure called Friendchain.
This move comes as a result of a partnership with Conduit, a blockchain infrastructure provider. It marks a key step in FriendTech’s development strategy as the company seeks to strengthen its technological autonomy.
We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token. We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
Usage of Native Token and Implications for Users
The new Friendchain blockchain will use FriendTech’s native token as a fully transferable gas token. Although no timetable has been specified for the migration, an announcement on X has promised to keep users informed of progress in the coming months.
This change aligns with FriendTech’s desire to have more control over its ecosystem and provide an enhanced user experience through a tailored infrastructure.
Market Reactions and Engagement Trends
FriendTech’s departure from the Base blockchain is not entirely unexpected, following recent comments from Racer, co-founder of FriendTech, who publicly expressed the desire to migrate to another platform. Initially, these statements caused a 20% drop in the price of their token. However, the recent migration announcement has reversed this trend, with an increase in token price.
Engagement on the platform has had its ups and downs, with a recent decline in the number of buyers and sellers of keys that grant access to certain users’ posts.
Despite an increase in activity at the beginning of May following the launch of FriendTech’s ‘v2’ update, which saw tens of thousands of transactions per day, the figures quickly returned to pre-update levels, indicating persistent challenges in terms of user engagement.
