Tech
The SocialFi Friend.tech application leaves the basic Blockchain to develop its own network
SocialFi Friend.tech application protocol (FRIEND) says it will leave Coinbase’s Base chain to develop its own network.
In a new thread, the team behind the social finance platform He says which will collaborate with Conduit, a company that provides Ethereum (ET) rollup, to work on Friendchain, its blockchain that will use FRIEND as a gas token.
“We are pleased to work with Conduit on Friendchain, our blockchain that uses FRIEND as a fully transferable gas token. We’ll keep you updated with all the information you’ll need over the coming months as we build this exciting new chapter.
According to Friend.tech, users can registration for Friendchain’s upcoming testnet, but no specific date was mentioned for its launch.
Friend.tech, launched in 2023, allows users to link their X accounts to a crypto wallet address, creating a decentralized social finance (DeFi) space where fans and creators can interact directly with each other.
“[Friend.tech] it allows users to have direct engagement with creators, which may not be possible in common channels. For example, a basketball fan can buy [NBA player] Grayson Allen’s key to conversing with him. Another feature is that it allows for resale value of the subscription. Users can bet on the growth of profiles or creators by purchasing their keys.”
Data from market intelligence company Dune Analytics reveals that Friend.tech has nearly $9 million in Total Value Locked (TVL) and just over 916,800 users who have completed at least one trade on the platform.
FRIEND is trading for $0.791 at the time of writing, a drop of nearly 20% in the last 24 hours.
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Featured image: Shutterstock/Yurchanka Siarhei