Friend.tech Announces Migration from Coinbase’s Layer 2 to Proprietary Network, Friendchain

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In a groundbreaking announcement, the decentralized social network Friend.tech declared its intentions to abandon Coinbase’s Layer 2 blockchain Base, and reallocate its digital infrastructure onto Friendtech’s upcoming proprietary network, Friendchain. This dynamic relocation is set to occur via a strategic collaboration with Conduit, a renowned provider of crypto infrastructure services.

The news emerged from a June 8th reveal, in which Friend.tech outlined its innovative plan to pioneer a novel blockchain, christened the “Friendchain.” This signifies the gradual dissolution of Friend.tech’s partnership with the Coinbase-supported Base network. From the details made available, Friendchain is slated to be an autonomous, cutting-edge blockchain which will deploy the freshly launched FRIEND token as a fully transferable gas token.

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Given the magnitude of this infrastructural switch, the Friend.tech team has yet to propose a concrete time frame for this migration. It was clarified, however, that the platform intends to keep its users in the loop with pertinent updates “over the coming months.” This implies that the full transition of Friendchain’s mainnet could stretch out over a few months.

Investigations into the roots of this development reveal that it didn’t suddenly spring up. In fact, Friend.tech’s co-founder, known in the digital community as Racer, had publically revealed his aspirations to extricate the decentralized social platform from Base during a late May conversation. Racer voiced his thoughts regarding the strained dynamics between Friend.tech and Base to the disappointment of Farcaster investors, who felt misunderstood and marginalised at the launch.

Having emerged in the tech space in August 2023, Friend.tech rapidly staked its claim as one of the leading decentralized applications (dApps) on the Base network. Lately, however, it has experienced a tapering off in user engagement and interest.

There was an intriguing ripple effect on the value of the FRIEND token with this announcement. When Racer initially hinted at an exit from Base, the FRIEND token value plummeted by 20%. This incident amplified the existing negativity hovering over the token, particularly following the largely unsuccessful airdrop in May.

In stark contrast, the confirmation of Friendchain produced quite the financial uplift for the FRIEND token. Data from CoinGecko indicates a noteworthy jump of more than 17% in the value of FRIEND token following the announcement, skyrocketing to $1 at its peak.

At present, the FRIEND token rests at $0.93, showcasing an 8% price surge in the past day. Despite this uptick, the overall weekly loss remains unchanged.