Decentralized Friend.tech Leaving Base to Launch Friendchain With Conduit
The at times wildly popular social app Friend.tech got a mixed reaction to news that it’s leaving Base to launch its own network, Friendchain, with infrastructure platform Conduit.
Launched in August 2023 on the Base Ethereum L2 network developed by Coinbase, Friend.tech quickly gained traction within the crypto community due to its approach to social interaction and monetization. But it drew skepticism and ire for exactly the same reasonsβthat its monetization strategy put the project at risk of drawing ire from regulators.
The announcement was followed up with a call for users to secure a spot on the Friendchain testnet, which would qualify participants for a $FRIEND airdrop snapshot. But some members of the community seemed weary at the thought of another chain.
Community Reaction
- One pseudonymous Friend.tech user, The Giver, expressed concerns on Twitter about the premature migration to a new network.
- The user suggested that Friend.tech should focus on expanding its user base before launching a new chain.
Founder’s Hint
- In May, pseudonymous Friend.tech co-founder Racer hinted at the decision to leave Base in a now-deleted post on Twitter.
- The co-founder offered a $200K reward for a system design to smoothly migrate off Base without user disruption.
Token Price Impact
- The FRIEND token experienced a brief spike to $1.29, followed by a price drop.
- Currently trading at $0.78, FRIEND has seen a 20% decrease in the last day and a 60% drop from the previous month’s price.
AirDrop Hype
- In late April, excitement surrounded the project’s 100% airdrop as the token’s price surged to an all-time high before a subsequent decline.
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