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The decentralized social community Good friend.tech has unveiled plans to maneuver from Coinbase’s Layer 2 blockchain Base to its proprietary community, Friendchain. This growth will come as a part of the platform’s collaboration with Conduit, a crypto infrastructure service supplier.
When Will The New Good friend.tech Blockchain Launch?
In a June eighth publish on X, web3 social platform Good friend.tech revealed its plans to create a brand new blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base community. Based on the announcement, Friendchain is a proprietary blockchain that may make the most of the just lately launched FRIEND token as a totally transferable fuel token.
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Though the decentralized platform’s workforce didn’t disclose a timeline for the community migration, the announcement did say that customers will probably be stored abreast of related info “over the approaching months.” It may be deduced from Good friend.tech’s message that the Friendchain mainnet migration might take months.
We’re happy to be working with @conduitxyz on Friendchain, our personal blockchain that makes use of $FRIEND as a totally transferable fuel token.
We’ll hold you recent with all the data you want over the approaching months as we construct out this thrilling new chapter. pic.twitter.com/HRa26vfFEX
— buddy.tech (@friendtech) June 8, 2024
Nonetheless, this growth isn’t precisely a shock, contemplating that the Good friend.tech co-founder Racer had publicly expressed the will to maneuver the decentralized social platform off Base in late Might. In a now-inaccessible publish on X, Racer mentioned about Good friend.tech workforce’s shaky relationship with Base:
Farcaster traders went apeshit smearing us after we launched as a result of they misunderstood what we have been doing. Pushed it actually onerous on their workforce and customers and the connection has been downhill since then with us getting ostracized from something that’s for the ‘Base neighborhood.
Following its launch in August 2023, Good friend.tech was fast to set up itself as one of many high decentralized functions (dApps) on the Base community. Nonetheless, the social platform has seen consumer curiosity and engagement cool off in latest months.
FRIEND Rallies 17% After New Blockchain Announcement
After Racer hinted at a doable exit from Base, the worth of the FRIEND token plunged by 20%. This considerably compounded the unfavorable sentiment across the token after ITS largely “unsuccessful” airdrop in Might.
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This time round, although, the newest affirmation of “Friendchain” had a moderately optimistic impression on the value of FRIEND. Based on knowledge from CoinGecko, the cryptocurrency jumped greater than 17% following the latest announcement, reaching $1 sooner or later.
As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% worth enhance up to now day. Nonetheless, this newest worth spike has not been sufficient to wipe the token’s loss on the weekly timeframe.
Featured picture from Fortune, chart from TradingView
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