Friend.tech, a decentralized social media platform, has partnered with crypto infrastructure firm Conduit to develop its own blockchain, named Friendchain.
Following the announcement on June 9, the platform’s native token, FRIEND, experienced a temporary price surge, but is down almost 5% in the last 24 hours, according to CoinGecko data.
Friend.tech will be departing Coinbase’s Etheruem layer-2 Base, potentially altering the platform’s cost structure and user interactions.
Friend.tech’s decision to establish its own blockchain follows a period of stagnating transactions since its strong launch in August 2023.
The platform recorded a peak in transactions on the day of the announcement, which also coincided with a significant sell-off of Friend tokens by a user shortly after a major airdrop.