Friend.tech’s application protocol, known as FRIEND, has announced its departure from Coinbase’s Base chain in order to develop its own network. The team at Friend.tech revealed that they will be collaborating with Conduit, a company specializing in Ethereum rollups, to create 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 transferable gas token. Stay tuned for updates as we embark on this new and exciting chapter,” the team shared in a recent announcement.

Users interested in participating can sign up for the upcoming Friendchain testnet, although an official launch date has not been specified. Friend.tech, established in 2023, enables users to connect their X accounts to a crypto wallet address, establishing a social decentralized finance (DeFi) platform where fans and creators can interact directly.

Through Friend.tech, users can engage directly with creators, a unique feature not commonly found in traditional channels. For example, a basketball enthusiast can purchase NBA player Grayson Allen’s Key to engage in conversation with him. Additionally, users have the opportunity to speculate on the growth of profiles or creators by purchasing their keys for potential resale value.

Data from market research firm Dune Analytics indicates that Friend.tech boasts nearly $9 million in Total Value Locked (TVL) and over 916,800 users who have engaged in at least one trade on the platform. At the time of writing, FRIEND is trading at $0.791, marking a nearly 20% decrease over the past 24 hours.

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Featured Image: Shutterstock/Yurchanka Siarhei