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FriendTech to Launch Own Blockchain with Conduit

Friendtech

Officially severing its ties with Base, the Ethereum Layer 2 network housed by Coinbase, and Web3 social network FriendTech is getting ready to transition to a new blockchain developed in association with blockchain infrastructure provider Conduit.

FriendTech’s native currency would be used as a “fully transferable gas token” by the network; while the protocol did not mention a date for the change, its release on X pledged to keep its users informed “over the coming months” as development of the blockchain advances.

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Although the announcement lacked any specifics, FriendTech co-founder Racer’s recent public remarks implying the team wanted to shift away from Base make the decision not totally surprising. Racer’s announcement at the time resulted in a 20% price decline for FriendTech’s token.

The price has apparently responded negatively to the latest announcement, yet it has increased 11% over the past twenty-four hours.

Engagement in terms of buyers and sellers of the keys allowing access to particular users’ content has been dropped on the platform. With tens of thousands of daily transactions on the network, the activity on the network momentarily surged at the start of May with the launch of FriendTech’s “v2” update, but those figures have since dropped to levels akin to the pre-v2 upgrade period.

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