Friend.tech’s plan to develop its own blockchain confuses users
Decentralized social media platform Friend.tech – built on the Coinbase Layer-2 network base – has announced plans to build its own blockchain franchise, but the decision to do so has left many users wondering “why?” He made them ask.
“No hate, just a real question, what is the value proposition of a socially oriented chain? Startup Conduit to launch its own blockchain. Friend.tech added that it will use generational token Friend (Friend) as a “fully transferable gas token”.
“Why do you need blockchain?” “Why?” added anonymous crypto analyst Ox0, founder of gas auditing firm Gaslight, a pop punk. He commented.
Meanwhile, others have expressed concern that it means gas fees will be higher compared to those on Base — often referred to as a “low-cost” Ethereum (ETH) layer-2 solution.
However, Friend's Price soon piqued the interest of traders with its sharp advertising.
After the announcement, the price of a friend increased.
According to CoinMarketCap data, Friend jumped 64% to $1.31 within 20 minutes of the announcement.
Friend's price fluctuation comes a month after riend.tech launched the token with a major airdrop.
A few hours after the release of the Friend.tech airdrop on May 3, the biggest whale, “Murphys1d”, sold more than 55,000 newly issued friend tokens.
RELATED: Friend.tech Earnings Increase Over 10,000 ETH, TVL Hits High Of 30,000 ETH
In the year It had a record high for same-day transactions on Friend.tech, which had been lagging significantly since its strong launch in August 2023.
A week after its launch, Friend.Tech's payout exceeded $1 million in 24 hours on August 19, surpassing Uniswap and the Bitcoin network.
Cointelegraph reached out to Friend.tech for comment but did not receive a response by the time of publication.
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