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

June 9, 2024
in Business
Friend.tech develops Friendchain, uses $FRIEND as gas token
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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.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

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