Friend.tech, a decentralized social media platform built on the Base network, announced the development of its own blockchain, Friendchain, in partnership with Conduit, a crypto-native infrastructure platform. The new blockchain will utilize $FRIEND, the platform’s native token, as its gas token.
Friend.tech, which launched in August 2023, has quickly established itself as a significant player in the SocialFi (Social Finance) sector. The platform’s innovative model allows users to purchase keys linked to their social media accounts, providing direct interactions with influencers. These key purchases not only grant chat access but also offer financial incentives, such as a share of transaction fees and reward points that can lead to token airdrops.
The introduction of Friendchain marks a significant milestone in Friend.tech’s evolution. By developing its own blockchain, Friend.tech aims to enhance the connection between influencers and users, further empowering its community. The platform’s second version launch and recent token airdrop campaign have solidified its leading position in the SocialFi movement. Despite a 20% decrease in total value locked (TVL) recently, Friend.tech remains a dominant force with nearly $10 million in TVL as of June 8, based on DeFiLlama’s data.
Currently, $FRIEND is trading at approximately $0.89, reflecting a 10% increase over the past 24 hours, according to CoinGecko. This surge underscores the growing interest and confidence in Friend.tech’s expanding ecosystem. As Friend.tech continues to innovate and expand, the development of Friendchain and the use of $FRIEND as its gas token highlight the platform’s commitment to fostering deeper connections within the SocialFi landscape.
