The developers of the decentralized social application Friend.Tech have announced the development of the Friendchain network in collaboration with blockchain infrastructure company Conduit.
We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.
We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX
— friend.tech (@friendtech) June 8, 2024
In the future, developers will migrate the protocol from the L2 Base network to Friendchain. The migration schedule has not yet been specified.
“We are excited to work with Conduit on Friendchain—our own blockchain that uses FRIEND as a fully transferable gas token,” the announcement stated.
The team has also opened pre-registration for the upcoming Friendchain testnet.
At the end of May, Friend.Tech co-founder, known by the pseudonym Racer, announced plans to move the protocol from Base. Following the publication, FRIEND reacted with a 32% drop.
After the Friendchain announcement, the project’s token surged by 33% to $1.46. However, FRIEND then entered a correction phase. At the time of writing, the asset is trading at $1.2.
On May 3, the Friend.Tech team launched the second version of the protocol along with the native FRIEND token. Initially, the coin plummeted from $169 to $1.4.
Less than three weeks after the launch of Friend.Tech in August 2023, some community members declared the project “dead.”