Ethereum

Token

when

Friend.tech

Friend. tech has revealed that it will partner with Conduit to develop Friendchain, a blockchain designed specifically for the $FRIEND token to be used as the gas token. This development will increase the level of smart contract automation and performance in <a href="https://coingape.com/7-altcoins-to-dodge-next-week-trades/" target="_blank" rel="noopener noreferrer nofollow">Web3</a> social media.
<h2 id="strong-friend-tech-enhances-autonomy-with-friendchain-initiative-strong">Friend tech Enhances Autonomy with Friendchain Initiative</h2>
<a href="https://coingape.com/is-friend-tech-eyeing-a-rebirth-leaked-v2-smart-contract-hints/" target="_blank" rel="noopener noreferrer nofollow">Friend tech</a>, a leader in the web3 social networking domain, disclosed its collaboration with crypto infrastructure titan Conduit on June 8. Together, they plan to develop a Friendchain featuring the FRIEND token prominently. The platform, however, needed to specify when they expected the blockchain to be operational. 
<blockquote>
 “We’re pleased to be working with Conduit on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token,” said a spokesperson from Friend.tech. 
</blockquote>
They assured stakeholders that updates would follow as the development progresses.
This initiative follows comments made last May by Racer, the project’s co-founder, about potentially moving away from the <a href="https://coingape.com/news/stocks/coinbase-ceo-dumps-5-3m-coin-stock-ahead-major-shareholders-meeting/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>-backed <a href="https://coingape.com/vitalik-buterin-proposes-first-block-on-ethereum-layer-2-taiko-with-optimistic-note/" target="_blank" rel="noopener noreferrer nofollow">Ethereum layer-2 network</a>, Base. He mentioned a feeling of detachment from the ecosystem and even offered a $200,000 incentive for a developer who could seamlessly transition the platform without disruptions. This shift towards an independent blockchain aligns with Racer’s strategic vision for greater platform independence.
<h2 id="strong-friendchain-reaction-bullish-or-bearish-future-strong">Friendchain Reaction: Bullish or Bearish Future?</h2>
The announcement has elicited mixed reactions from the community and analysts alike. While some view this move as a natural evolution for successful decentralized applications, others express concerns about its potential impact on growth. The Giver, a well-known Friend Tech advocate, commented on social media, 
<blockquote>
 “This move is short-term bullish and mid-term bearish.” 
</blockquote>
He suggested that Friend tech should focus on user acquisition by leveraging its existing ties with Base and Solana to build a solid user base.
According to The Giver, the challenge lies in balancing immediate value capture with long-term sustainable development.
<blockquote>
 “The ultimate long-term vision is for backers/investors to continue clipping protocol fees and to exit at a SaaS multiple to a Web2 company that is the Web3 portal for monetized social media,” he explained. 
</blockquote>
He noted that the platform must address the disconnect between its initial offerings and newer features to realize this vision.
<img decoding="async" class="size-full wp-image-201336 alignnone" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-46.png" alt="" width="740" height="321" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-46.png 740w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-46-300x130.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-46-150x65.png 150w" sizes="(max-width: 740px) 100vw, 740px">
Source: DeFiLlama
Despite experiencing a recent 20% decline in total value locked (TVL), Friend.tech continues to lead the SocialFi movement with nearly $10 million in TVL, according to data from DeFiLlama. Following the announcement, the <a href="https://coingape.com/friendtech-token-launches-airdrop-version-2-go-live/" target="_blank" rel="noopener noreferrer nofollow">FRIEND token</a>‘s value spiked by about 15%, reaching $0.96.&nbsp;
&nbsp;
Also Read: <a href="https://coingape.com/ripple-labs-might-have-something-big-brewing-in-georgia/#:~:text=Crypto%20payments%20firm%20Ripple%20Labs,blockchain%20technology%20and%20traditional%20finance." target="_blank" rel="noopener noreferrer nofollow">Ripple Labs Might Have Something Big Brewing In Georgia</a>
The post <a href="https://coingape.com/friend-tech-launches-friendchain-empowers-with-friend-token/" rel="noopener noreferrer nofollow">Friend tech Launches Friendchain, Empowers with $FRIEND Token</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Friend tech Launches Friendchain, Empowers with $FRIEND Token

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