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Web3 social network FriendTech has announced plans to spin off Coinbase‘s Layer 2 blockchain, Base, to its own blockchain network, Friendchain, developed in partnership with blockchain infrastructure provider Conduit. FriendTech co-founder Racer has previously hinted that the social network will see its separation from Base.
FriendTech has officially separated features with Base, the Ethereum Layer 2 network managed by Coinbase. The new blockchain network, Friendchain, was created in partnership with Conduit and will use FriendTech’s native token as a “fully transferable gas token.” While the protocol does not specify an exact time change for the transition, the announcement made on the X platform stated that users will be informed “in the coming months” about the operation of the blockchain.
Although other details were not included in the announcement, this step did not come as a surprise following previous statements by FriendTech co-founder Racer expressing his desire to leave Base. This statement by Racer caused a 20% drop in the price of the FriendTech token at that time.
However, the latest announcement had the opposite effect on token prices, causing an 11% increase in the last twenty-four hours.
The platform has seen a recent decline in buyers and sellers of keys that grant access to certain users’ posts. Although the launch of FriendTech’s ‘v2’ at the beginning of May saw activity on the service increase by thousands, this list has since receded to pre-v2 update levels.
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