Bounty

Token

Base

Friend.tech

<a href="https://thecoinrise.com/5-web3-social-and-socialfi-platforms-to-look-out-for-in-2024/" rel="noopener noreferrer nofollow">Decentralized social media platform Friend.tech</a> is planning the launch of its blockchain in collaboration with crypto infrastructure startup Conduit. The duo are working on a new blockchain dubbed Friendchain. This new development would require that the social network move from Coinbase Layer-2 blockchain Base where it is currently domiciled.&nbsp;
<h2 id="b-friend-tech-co-founder-offers-bounty-for-migration-solution-b">Friend.tech Co-founder Offers Bounty For Migration Solution</h2>
Notably, Racer, the Friend.tech’s co-founder who remains pseudonymous, had previously hinted at a potential blockchain migration from Base. In May, he released an X post promising a <a href="https://thecoinrise.com/friend-token-price-plummets-after-co-founder-hints-leaving-base/" rel="noopener noreferrer nofollow">bounty offer for a solution to migrate Friend.tech</a> off of Base without causing major disruptions for users. The protocol appears to be dissatisfied with the services offered on Base.
“System design bounty: If you can figure out a way to migrate Friend.tech off of Base without causing major issues for users, and it works well enough that we decide to use it, we will pay you $200K,” Racer wrote.
<h2 id="b-friend-tech-community-question-protocol-s-migration-move-b">Friend.tech Community Question Protocol’s Migration Move</h2>
Even after stating its displeasure with Base, Friend.tech community members are still requesting an explanation for the decision. In response to Friend.tech’s June 8 announcement on X, crypto trader Dr. Kojipup&nbsp;asked “No hate, just a genuine question, What is the value proposition of a social-focused chain?”&nbsp;
A pseudonymous commentator with the moniker ox0 also asked Friend.tech why it needed a blockchain. While Pop Punk, co-founder of gas-auditing firm Gaslite, commented, “why.”&nbsp;
<h2 id="b-friendchain-to-utilize-friend-as-gas-token-b">Friendchain to Utilize FRIEND as Gas Token</h2>
Once the Friendchain blockchain is active and running, the network will use FriendTech’s native token FRIEND as a “fully transferable gas token”. In the meantime, the timeline for the migration has not been released but Friend.tech promised to keep users abreast with the necessary information as development of the blockchain progresses.&nbsp;
The initial announcement in May caused the price of FRIEND to plunge by 20%. With the news of its alliance with Conduit and the progress it has made with Friendchain, the FRIEND token has further dropped by 18.84% as it now trades at $0.6794. In addition to this price dip, Friend.tech is experiencing a decline in engagement in terms of buyers and sellers of the keys which grant access to specific users’ posts.
The post <a href="https://thecoinrise.com/friend-tech-to-migrate-from-base-to-its-blockchain-friendchain/" rel="noopener noreferrer nofollow">Friend.tech to Migrate From Base to its Blockchain Friendchain</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Friend.tech to Migrate From Base to its Blockchain Friendchain

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