Friend.tech, a social app launched in August 2023 on the Base Ethereum L2 network developed by Coinbase, has received a mixed reaction from the community after announcing its departure to launch its network, Friendchain, in collaboration with infrastructure platform Conduit. The app gained popularity within the crypto community due to its unique approach to social interaction and monetization. However, it also faced criticism for its monetization strategy, which some believe could draw regulatory scrutiny.
The announcement of the launch of Friendchain was accompanied by a call for users to participate in the Friendchain testnet to qualify for a $FRIEND airdrop snapshot. While some users eagerly participated in this opportunity, others expressed skepticism about the move. One user, The Giver, shared their concerns on Twitter stating that Friend.tech should focus on attracting more users before migrating to a new network. The user emphasized the importance of maximizing user adoption before expanding to a new platform.
The decision to leave Base and launch Friendchain did not come as a complete surprise, as pseudonymous Friend.tech co-founder Racer had hinted at the possibility in a previous Twitter post. The co-founder had offered a bounty for developing a migration strategy that would allow Friend.tech to transition smoothly to a new network without disrupting users. However, the post and the Twitter account have since been deleted, leaving some uncertainty among the community about the project’s future direction.
Following the announcement of Friendchain’s launch, the price of the FRIEND token experienced a brief spike but has since declined significantly. The current price of FRIEND is $0.78, experiencing a 20% drop in the past day alone. Overall, the token’s value has decreased by 60% compared to the previous month, with the current price being only 1.8% higher than the token’s all-time low. Despite initial excitement surrounding the project’s 100% airdrop and the token’s high trading price in May, its value has since experienced a downward trend.
In late April, there was significant hype surrounding the FRIEND token, which began trading at $3.00 on May 3. However, the token’s value quickly dropped before surging to its all-time high of $3.26. Since then, the token’s value has continued to fluctuate, with the recent announcement of Friendchain’s launch causing uncertainty among investors and users. The future of Friend.tech and Friendchain remains uncertain, with some community members questioning the decision to transition to a new network at this stage.
Overall, the decision to launch Friendchain and leave Base has sparked a mixed reaction within the crypto community, with some expressing enthusiasm for the project’s potential and others voicing concerns about the timing and strategy behind the move. As the project continues to evolve and navigate the challenges of transitioning to a new network, the success of Friendchain and the future of Friend.tech remain uncertain. Investors and users alike will be closely following the developments surrounding Friendchain to assess its long-term viability and impact within the crypto space.
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