Friend.tech has partnered with Conduit to develop Friendchain, a blockchain tailored for the $FRIEND token.
Friend.tech has announced that it will collaborate with Conduit to develop Friendchain, a blockchain designed specifically for the $FRIEND token to be used as the gas token.
Friend.tech Enhances Autonomy with Friendchain Initiative
This advancement will increase the level of automation and performance of smart contracts in Web3 social media will increase as a result of this advancement.
It was on June 8 that Friend.tech, a pioneer in the field of web3 social networking, made public its partnership with Conduit, a major player in the cryptocurrency infrastructure industry.
“We’re pleased to be working with Conduit on Friendchain, our blockchain that uses $FRIEND as a fully transferable gas token,” said a spokesperson from Friend.tech.
Additionally, they intend to work together to create a friendchain that will prominently include the friend coin. However, the platform was required to provide a specific time frame for when they anticipated the blockchain to be operational.
We assured stakeholders that we would provide updated information as the process progressed. Racer, the project’s co-founder, took this step in response to the possibility of moving away from the Ethereum layer-2 network, Base, which Coinbase itself endorses, in May of last year.
He made reference to a sense of disconnection from the ecosystem and even offered a $200,000 incentive to a developer who could move the platform in a seamless manner without causing any disruptions.
Friendchain Reaction: Bullish or Bearish Future?
This shift toward an independent blockchain aligns with Racer’s strategic aim for more platform independence, which is a positive development. The announcement has elicited diverse responses from both community members and analysts.
While there are those who believe that this step is a natural progression for successful decentralized applications, there are others who are concerned about the possible influence that it could have on growth.
The Giver, a well-known supporter of Friend Technical, posted a comment on social media. According to his suggestion, Friend.tech ought to concentrate on user acquisition by capitalizing on its current connections with Base and Solana in order to construct a robust user infrastructure.
According to The Giver, the difficulty is striking a balance between the creation of long-term sustainable development and the acquisition of instant value.
He made the observation that, in order to accomplish this objective, the platform needs to overcome the disparity that exists between its initial services and its more recent features.
Friend.tech continues to lead the SocialFi movement with approximately $10 million in total value locked (TVL), according to statistics from DeFiLlama.
This is despite the fact that the company has recently experienced a 20% drop in total value locked (TVL). The value of the FRIEND token had increased by approximately fifteen percent at the time of the announcement, reaching $0.96.