NFTs

SocialFi App Friendtech to Develop Own Blockchain

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Friendtech is leaving Base in favor of its own native blockchain, built with the assistance of Conduit.

SocialFi app Friendtech has unveiled plans to build its own native blockchain, dubbed Friendchain, which will be developed with the help of Conduit, a platform for quickly deploying rollups on Ethereum-compatible networks.

The move comes as daily active users (DAU) and the price of the FRIEND token are both near all-time lows.

FRIEND Price Since Launch chart
FRIEND Price Since Launch

Conduit enables users to “deploy a rollup in minutes, not months.” The no-code platform birthed other popular rollup chains such as Zora, Aevo, and Orderly.

Following its launch in August last year, Friendtech took the crypto space by storm, and amassed $50 million in fees in under 3 months. However, usage, fees, and sentiment surrounding the social-fi dApp have fallen drastically since their October 2023 highs.

Friendtech Daily Active Users
Friendtech Daily Active Users

FRIEND is up 18% in the past 24 hours, trading at a $85 million market capitalization.


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