FriendTech Moves Off Base and Moves to New Friendchain Blockchain

Web3 social network FriendTech has officially cut ties with Base, the Ethereum Layer 2 network managed by Coinbase, as it prepares to migrate to a new blockchain called Friendchain, created in partnership with blockchain infrastructure provider Conduit.

The network will use FriendTech’s native token as a “fully transferable gas token,” and while the protocol did not specify a timeline for the move, the announcement to X promised to keep users informed about blockchain developments “over the coming months.” It’s going on.

during presentation With few other details available, it wasn’t at all surprising that FriendTech co-founder Racer’s recent public comments hinted that the team would like to migrate from Base. At the time, Racer’s announcement caused FriendTech’s token price to drop by 20%.

According to The Block’s pricing page, the recent announcement appears to have had an adverse effect on prices. However, the price has risen by 11% in the last 24 hours.

The platform has recently seen a decline in engagement in terms of buyers and sellers of keys that grant access to a specific user’s posts. The launch of FriendTech’s ‘v2’ upgrade in early May briefly increased network activity, resulting in tens of thousands of service transactions per day, but that figure has since fallen to levels similar to those prior to the v2 upgrade. , according to data from The Block.

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