Friend.tech, a social finance application, is leaving Coinbase’s Base chain to create its own network called Friendchain in partnership with Conduit, a company that offers Ethereum rollups. Friendchain will use FRIEND as its gas token, and users can sign up for the upcoming Friendchain testnet. Friend.tech, launched in 2023, enables users to link their X accounts to a crypto wallet address, creating a decentralized social finance space for fans and creators to directly interact with each other.
The platform allows for direct engagement with creators, such as buying NBA player Grayson Allen’s Key to have a conversation with him. Users can also bet on the growth of profiles or creators by purchasing their keys. According to data from Dune Analytics, Friend.tech has almost $9 million in Total Value Locked (TVL) and over 916,800 users who have completed at least one trade on the platform. The price of FRIEND is currently at $0.791, showing a 20% decrease in the last 24 hours.
With the development of Friendchain, Friend.tech aims to create an exciting new chapter for its users. By partnering with Conduit, the platform will establish its own blockchain that uses FRIEND as a transferable gas token. This move will enable Friend.tech to have more control over its network and offer innovative features to its growing user base. While no specific launch date has been announced for the Friendchain testnet, users can expect updates in the coming months as the platform builds out its new infrastructure.
Friend.tech’s decision to move away from Coinbase’s Base chain demonstrates its commitment to expanding its offerings and providing unique opportunities for its users. By developing Friendchain and utilizing FRIEND as its gas token, the platform is taking a significant step towards creating a more decentralized and user-friendly environment for social finance enthusiasts. With nearly $9 million in TVL and over 916,800 active users, Friend.tech has already established itself as a popular platform in the market, and the introduction of Friendchain is expected to further enhance its position in the industry.
The direct engagement feature offered by Friend.tech sets it apart from traditional social finance platforms, allowing users to interact with creators in a more meaningful way. By purchasing keys and participating in conversations, fans can feel a deeper connection with their favorite creators, enhancing the overall user experience. Additionally, the ability to bet on the growth of profiles and creators adds a unique layer of excitement and potential profit for users, making Friend.tech a dynamic and engaging platform for social finance enthusiasts.
Overall, Friend.tech’s partnership with Conduit and the development of Friendchain signal a new era of growth and innovation for the platform. With a strong user base and a focus on creating a decentralized and engaging social finance ecosystem, Friend.tech is well-positioned to continue its success in the market. As the platform moves forward with its plans for Friendchain, users can expect even more exciting features and opportunities to emerge, solidifying Friend.tech’s position as a leading player in the social finance space.
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