Tech
Decentralized Social Media Platform Friend.tech Reverses Decision to Migrate from Coinbase-Backed Layer-2 Chain
A social media-focused cryptocurrency project is reversing its decision to abandon the blockchain of major U.S. cryptocurrency exchange Coinbase.
In a new announcement on the social media platform X, Friend.tech (FRIEND) says that, based on community feedback, it no longer plans to abandon Base to build its own blockchain.
“We’ve heard your feedback: you don’t want FRIEND to move to another chain. We agree. FRIEND was always intended to be a 100% community-controlled token that powers the Clubs contract.
Migrating the offering and liquidity would not be in line with that spirit. You will still be able to create clubs, chat, buy keys and use FRIEND on Base in the friendtech app.
Additionally, we have disabled all protocol fees for BunnySwap, Clubs and smart contracts v1. Now, 100% of the fees will go to traders, LPs and Club presidents in the community.”
Last month, Friend.tech announced that it would be leaving from Base to collaborate with Conduit, a company that provides Ethereum (ETH) rollup, to create Friendchain, a network of its own.
Friend.tech was launched in 2023 and allows users to connect their X accounts with crypto wallets, creating a decentralized finance (DeFi) social media space where fans and creators can interact with each other.
At the time of writing, FRIEND is trading at $0.323, down 22.4% in the last 24 hours.
Don’t miss a beat – subscribe to receive email alerts directly in your inbox
Check Price Action
Follow us on X, Facebook AND Telegram
surf Hodl Daily Mix
 
Disclaimer: The views expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any loss you may incur is your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov