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

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As an experienced analyst, I believe that Friend.tech’s decision to move from Coinbase’s Layer 2 blockchain Base to its proprietary network, Friendchain, is a strategic one aimed at improving the platform’s autonomy and user experience. The collaboration with Conduit, a crypto infrastructure service provider, adds credibility to this move.

Friend.tech, a decentralized social media platform, has announced its intention to transition from Coinbase’s Layer 2 blockchain, Base, to its own homegrown solution, Friendchain. This shift is slated to occur as part of the company’s partnership with Conduit, a crypto infrastructure services provider.

When Will The New Friend.tech Blockchain Launch?

On June 8th, Friend.tech unveiled its intentions on X to develop a new blockchain named “Friendchain,” marking an end to its collaboration with Base network, which is incubated by Coinbase. As per the declaration, Friendchain represents a unique, in-house blockchain that will employ the recently launched FRIEND token as a transferable gas token.

As a researcher studying decentralized platforms, I’ve come across an announcement from Friend.tech regarding their network migration to the Friendchain mainnet. Although the team hasn’t provided a specific timeline for this transition, they assure users that they will be regularly updated with relevant information “over the coming months.” Based on this communication, it seems likely that the Friendchain mainnet migration could take several months to complete.

It’s a pleasure for us to collaborate with @conduitxyz on Friendchain, our unique blockchain system, where $FRIEND functions as a versatile fuel token for transactions.
Over the next few months, we’ll provide you with the latest information as we develop this new and intriguing phase.
— friend.tech (@friendtech) June 8, 2024

It wasn’t entirely unexpected that Friend.tech would make this move, given that its co-founder Racer had openly expressed his intention to transition the decentralized social platform away from Base as early as late May. In a since-removed post on X, Racer discussed the strained relationship between Friend.tech and Base.

Farcaster investors reacted strongly against us upon our launch due to a misperception of our objectives. They put significant pressure on their team and users, leading to a strained relationship. Since then, we’ve been excluded from initiatives related to the ‘Base community.

After debuting on the Base network in August 2023, Friend.tech swiftly rose to become a leading decentralized application (dApp). Yet, user excitement and interaction with the social platform have waned noticeably over the past few months.

FRIEND Rallies 17% After New Blockchain Announcement

As a researcher observing the crypto market, when Racer suggested the possibility of departing from Base, the price of FRIEND token took a hit, dropping by 20%. This event added to the existing negative sentiment towards the token following its “less than successful” airdrop in May.

In this particular occasion, the most recent verification of “Friendchain” led to a favorable effect on FRIEND‘s price. As indicated by CoinGecko’s statistics, there was an increase of over 17% for the cryptocurrency post-announcement, peaking at $1.

At present, the FRIEND token is priced at $0.93, marking a 8% rise over the previous day. Yet, this recent price surge fails to compensate for the token’s decrease in value during the past week.

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2024-06-09 12:22