Friend.tech’s application protocol, known as FRIEND, has announced its departure from Coinbase’s Base chain in order to establish its own network. The team behind the social finance platform revealed that they will be collaborating with Conduit, a company specializing in Ethereum rollups, to develop Friendchain, a blockchain that will utilize FRIEND as its gas token.

“We are excited to partner with Conduit to launch Friendchain, our very own blockchain that will use FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and thrilling journey,” stated the team.

Interested users can register for the upcoming Friendchain testnet, although no specific launch date has been disclosed. Friend.tech, which was introduced in 2023, enables users to connect their X accounts to a crypto wallet address, establishing a social decentralized finance (DeFi) environment where fans and creators can directly interact.

Friend.tech offers users the opportunity to engage directly with creators, a feature not typically found on traditional platforms. For instance, a basketball enthusiast can purchase NBA player Grayson Allen’s Key to engage in a conversation with him. Additionally, users can speculate on the growth of profiles or creators by investing in their keys, which can be resold.

Data from Dune Analytics indicates that Friend.tech boasts nearly $9 million in Total Value Locked (TVL) and has attracted over 916,800 users who have conducted at least one trade on the platform. As of the latest update, FRIEND is trading at $0.791, reflecting a decrease of nearly 20% in the past 24 hours.

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