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<p class="is-style-lead"><a href="https://crypto.news/tag/friend.tech/" rel="">Friend.tech</a>, a key player in the web3 social networking sphere, has disclosed plans to collaborate with Conduit, a notable crypto infrastructure service provider, to create its native blockchain.</p> 
<p>On June 8, Friend.tech unveiled plans for Friendchain, a proprietary blockchain that will utilize the FRIEND token as a fully transferable gas token.</p> 
<p>The platform did not specify a launch timeline for the project.</p> 
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   <p lang="en" dir="ltr">We're pleased to be working with <a href="https://twitter.com/conduitxyz?ref_src=twsrc%5Etfw" target="_blank" rel="">@conduitxyz</a> on Friendchain, our own blockchain that uses <a href="https://twitter.com/search?q=%24FRIEND&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$FRIEND</a> as a fully transferable gas token.<br><br>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. <a href="https://t.co/HRa26vfFEX" target="_blank" rel="">pic.twitter.com/HRa26vfFEX</a></p>— friend.tech (@friendtech) <a href="https://twitter.com/friendtech/status/1799283480083435815?ref_src=twsrc%5Etfw" target="_blank" rel="">June 8, 2024</a>
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<p>Meanwhile, the decision isn’t surprising, given recent statements from the project’s co-founder, Racer.</p> 
<p>In May, Racer mentioned the <a href="https://x.com/jessepollak/status/1794787027546001590?t=9vEP7TclseGnfQ4Z686erw&amp;s=19" target="_blank" rel="">possibility of leaving </a>the Coinbase-backed Ethereum layer-2 network Base due to feelings of alienation from the ecosystem. He even offered a $200,000 reward for any developer who could successfully migrate the platform from Base without major disruptions.</p> 
<p>However, the recent announcement has elicited mixed reactions within the community. Some analysts view it as a natural progression, suggesting that successful decentralized applications will eventually become independent chains. Others caution that this move might hinder growth.</p> 
<p>A prominent FriendTech advocate, known as The Giver on social media platform X, described the decision as “short-term bullish and mid-term bearish” for the crypto venture.</p> 
<p>According to the analyst, FriendTech should focus on maximizing user acquisition to build a solid user base, ideally by leveraging connections through the Base and Solana blockchains.</p> 
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   <p lang="en" dir="ltr">Haven’t added (and haven’t sold) but as a <a href="https://twitter.com/friendtech?ref_src=twsrc%5Etfw" target="_blank" rel="">@friendtech</a> stalwart (see pinned post) view this as short term bullish and mid term bearish <br><br>IMO friend tech should be trying to capture the max # of users possible first to create the sturdiest moat possible, which is most easily done… <a href="https://t.co/iEPXlPKKlX" target="_blank" rel="">https://t.co/iEPXlPKKlX</a></p>— The Giver (@lazyvillager1) <a href="https://twitter.com/lazyvillager1/status/1799285030499328227?ref_src=twsrc%5Etfw" target="_blank" rel="">June 8, 2024</a>
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<p> You might also like: <a href="https://crypto.news/friend-tech-moved-almost-50-of-its-fees-to-coinbase-as-tvl-slashed-by-half/" rel=""> Friend.tech moved almost 50% of its fees to Coinbase as TVL slashed by half </a> </p> 
<p>Since its launch in August 2023, Friend.tech has become one of the leading SocialFi decentralized applications (dApps) on the <a href="https://crypto.news/tag/base/" rel="">Base network</a>. The platform’s model allows users to purchase keys linked to their social media accounts, facilitating direct interactions with influencers.</p> 
<p>Key purchases not only grant chat access but also provide financial benefits. Users receive a share of the transaction fees and reward points that can lead to token airdrops.</p> 
<p>Following the launch of its second version and a token airdrop campaign last month, Friend.tech has solidified its position at the forefront of the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform still leads the SocialFi trend with nearly $10 million in TVL as of June 8, according to data from <a href="https://defillama.com/protocols/SoFi" target="_blank" rel="">DeFiLlama</a>.</p> 
<p>Currently, FRIEND is trading at around $0.8439, up 15% in the past 24 hours, according to data from CoinMarketCap.</p> 
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  FRIEND 24-hour price chart | Source: CoinMarketCap
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<p> Read more: <a href="https://crypto.news/friend-techs-token-falls-98-following-airdrop-fiasco/" rel=""> Friend.Tech’s token falls 98% following airdrop fiasco </a> </p>

Friend.tech collaborates with Conduit, launches Friendchain

crypto.news

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