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Friend.tech Launches Friendchain: Exploring the Impact on Social Media and Crypto Markets

Jun 9, 2024

Friend.tech Launches Friendchain: Exploring the Impact on Social Media and Crypto Markets
Friend.tech Launches Friendchain: Exploring the Impact on Social Media and Crypto Markets
Friend.tech Launches Friendchain: Exploring the Impact on Social Media and Crypto Markets

Friend.tech, a decentralised social media platform built on the Coinbase layer-2 network Base, has announced plans to develop its own blockchain called Friend Chain in partnership with Conduit, a crypto infrastructure startup. This decision has sparked questions among users and crypto enthusiasts regarding the value proposition of a social-focused blockchain. Friend.tech aims to leverage its native token, FRIEND, as a fully transferable gas token on Friendchain. Concerns have been raised about potential higher gas fees compared to Base, known for its low-cost Ethereum layer-2 solution. Despite these questions, the announcement led to a significant spike in FRIEND's price, rising 64% to $1.31 shortly after the news before stabilising back to $0.89. This price fluctuation follows Friend.tech's recent token launch and major airdrop, where significant trading activity and whale transactions have been noted.