2024

Base

when

Friend.tech

<a href="https://bitcoinworld.co.in/friend-tech-to-exit-coinbase-l2-base-announces-migration-to-new-blockchain-friendchain/" title="Friend.tech To Exit Coinbase L2 Base, Announces Migration To New Blockchain, Friendchain" rel="noopener noreferrer nofollow"></a>
The decentralized social network Friend.tech has unveiled plans to move from Coinbase’s Layer 2 (L2) blockchain Base to its proprietary network, Friendchain.&nbsp;
This development will come as part of the platform’s collaboration with Conduit, a crypto infrastructure service provider.
<h3 id="span-style-font-weight-400-when-will-the-new-friend-tech-blockchain-launch-span">When Will The New Friend.tech Blockchain Launch?</h3>
In a June 8th post on <a href="https://twitter.com/friendtech/status/1799283480083435815" rel="noopener noreferrer nofollow">X</a>, web3 social platform <a href="https://bitcoinworld.co.in/friendtechs-native-token-friend-begins-trading-amidst-airdrop-claims-issues/" rel="noopener noreferrer nofollow">Friend.tech</a> revealed its plans to create a new blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base network.&nbsp;
According to the announcement, Friendchain is a proprietary blockchain that will utilize the recently launched FRIEND token as a fully transferable gas token.
Although the decentralized platform’s team didn’t disclose a timeline for the network migration, the announcement did say that users will be kept abreast of relevant information “over the coming months.”&nbsp;
It can be deduced from Friend.tech’s message that the Friendchain mainnet migration could take months.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We're pleased to be working with <a href="https://twitter.com/conduitxyz?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@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" rel="noopener noreferrer nofollow">$FRIEND</a> 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. <a href="https://t.co/HRa26vfFEX" rel="noopener noreferrer nofollow">pic.twitter.com/HRa26vfFEX</a>
 — friend.tech (@friendtech) <a href="https://twitter.com/friendtech/status/1799283480083435815?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 8, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
However, this development isn’t exactly a surprise, considering that the Friend.tech co-founder Racer had publicly expressed the desire to move the decentralized social platform off Base in late May.&nbsp;
In a now-inaccessible post on X, Racer said about Friend.tech team’s shaky relationship with Base:
Farcaster investors went apeshit smearing us when we launched because they misunderstood what we were doing. Pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community.
Following its launch in August 2023, Friend.tech was quick to establish itself as one of the top decentralized applications (dApps) on the Base network.&nbsp;
However, the social platform has seen user interest and engagement cool off in recent months.
<h3 id="span-style-font-weight-400-friend-rallies-17-after-new-blockchain-announcement-span">FRIEND Rallies 17% After New Blockchain Announcement</h3>
After Racer hinted at a possible exit from Base, the value of the FRIEND token plunged by 20%. This somewhat compounded the unfavorable sentiment around the token after ITS largely “unsuccessful” airdrop in May.
This time around, though, the latest confirmation of “Friendchain” had a rather positive impact on the price of <a href="https://coinstats.app/coins/friend-tech/" rel="noopener noreferrer nofollow">FRIEND</a>.&nbsp;
According to data from Coinstats, the cryptocurrency jumped more than 17% following the recent announcement, reaching $1 at some point.
As of this writing, the FRIEND token is valued at $0.801, reflecting a price drop back to the token’s loss on the weekly timeframe.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

Friend.tech To Exit Coinbase L2 Base, Announces Migration To New Blockchain, Friendchain

Table of Contents

ItsBitcoinWorld

Other articles published on Jun 10, 2024

MoonBag Meme Coin – The Top Cryptocurrency Presale in 2024 while Dogeverse Coin and Theta Downtrends

How Bitcoin ETFs can be a potential catalyst for BTC’s price

Are High-Risk Loans on Aave Signaling Trouble for DeFi?

Jupiter founder: Memecoins are user-generated money

An overview of current news in the crypto space

Bitcoin and Ethereum Exchange Balances at 4-Year Low.

Join our free newsletter for daily crypto updates!