Web3 social network Friend.tech is set to transition from Base, the Ethereum Layer 2 network run by Coinbase, to its proprietary blockchain, Friendchain.
The move is being executed in partnership with Conduit, a blockchain infrastructure provider.
Although the exact timeline for the migration was not specified in the announcement on X, Friend.tech has assured its users that updates on the blockchain development will be provided in the coming months.
This decision follows earlier hints from Friend.tech co-founder Racer, who had suggested the team’s intention to depart from Base. Racer’s comments had previously led to a 20% drop in the price of Friend.tech’s native token.
The announcement of the new blockchain has prompted various questions from users regarding the value of a social-centric chain.
One crypto trader, Dr. Jojipup, voiced curiosity about the collaboration with Conduit and the overall strategic value of the migration.
Friend.tech responded by stating that its native token, Friend (FRIEND), will function as a “fully transferable gas token.”
There were concerns about potentially higher gas fees on Friendchain compared to Base, known for being a “low-cost” Ethereum Layer 2 solution. Despite these concerns, the announcement led to a surge in trading activity, causing the price of Friend to spike by 64% to $1.31 within 20 minutes, before settling back to $0.89 within the hour, as reported by CoinMarketCap.
