The decentralized social community Buddy.tech has unveiled plans to maneuver from Coinbase’s Layer 2 blockchain Base to its proprietary community, Friendchain. This improvement will come as a part of the platform’s collaboration with Conduit, a crypto infrastructure service supplier.
When Will The New Buddy.tech Blockchain Launch?
In a June eighth publish on X, web3 social platform Buddy.tech revealed its plans to create a brand new blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base community. In line with the announcement, Friendchain is a proprietary blockchain that can make the most of the not too long ago launched FRIEND token as a totally transferable fuel token.
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Though the decentralized platform’s workforce didn’t disclose a timeline for the community migration, the announcement did say that customers will probably be stored abreast of related info “over the approaching months.” It may be deduced from Buddy.tech’s message that the Friendchain mainnet migration might take months.
We’re happy to be working with @conduitxyz on Friendchain, our personal blockchain that makes use of $FRIEND as a totally transferable fuel token.
We’ll maintain you recent with all the data you want over the approaching months as we construct out this thrilling new chapter. pic.twitter.com/HRa26vfFEX
— good friend.tech (@friendtech) June 8, 2024
Nonetheless, this improvement isn’t precisely a shock, contemplating that the Buddy.tech co-founder Racer had publicly expressed the will to maneuver the decentralized social platform off Base in late Could. In a now-inaccessible publish on X, Racer stated about Buddy.tech workforce’s shaky relationship with Base:
Farcaster traders went apeshit smearing us once we launched as a result of they misunderstood what we had been doing. Pushed it actually laborious on their workforce and customers and the connection has been downhill since then with us getting ostracized from something that’s for the ‘Base neighborhood.
Following its launch in August 2023, Buddy.tech was fast to determine itself as one of many prime decentralized purposes (dApps) on the Base community. Nonetheless, the social platform has seen person curiosity and engagement cool off in latest months.
FRIEND Rallies 17% After New Blockchain Announcement
After Racer hinted at a potential exit from Base, the worth of the FRIEND token plunged by 20%. This considerably compounded the unfavorable sentiment across the token after ITS largely “unsuccessful” airdrop in Could.
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This time round, although, the most recent affirmation of “Friendchain” had a quite constructive affect on the value of FRIEND. In line with knowledge from CoinGecko, the cryptocurrency jumped greater than 17% following the latest announcement, reaching $1 in some unspecified time in the future.
As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% worth improve prior to now day. Nonetheless, this newest worth spike has not been sufficient to wipe the token’s loss on the weekly timeframe.
Featured picture from Fortune, chart from TradingView
