Friend.tech develops Friendchain, uses $FRIEND as gas token

The idea behind the project is to foster the connection between influencers and users.

Friend.tech, a decentralized social media platform built on the Base network, announced Friday that it is developing its own blockchain, called “Friendchain,” in collaboration with Conduit, a crypto-native infrastructure platform. $FRIEND, the native token of Friend.tech, is set to empower the new blockchain.

We’re pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.

We’ll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEX

— friend.tech (@friendtech) June 8, 2024

Launched in August 2023, Friend.tech has quickly become a notable player in the SocialFi arena. The platform’s unique model allows users to purchase keys linked to their social media accounts, facilitating direct interactions with influencers.

Key purchases not only grant chat access but also yield financial benefits, such as a share of the transaction fees and reward points that can lead to token airdrops.

Following the launch of its second version and a token airdrop campaign last month, Friend.tech has cemented its position at the forefront of the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform still leads the SocialFi trend with nearly $10 million in TVL as of June 8, according to data from DeFiLlama.

At the time of writing, $FRIEND is trading at around $0.95, up 15% in the past 24 hours, according to CoinGecko’s data.

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