SocialFi App Friendtech to Develop Own Blockchain

Friendtech is leaving Base in favor of its own native blockchain, built with the assistance of Conduit.

By: Squiffs Loading...

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SocialFi app Friendtech has unveiled plans to build its own native blockchain, dubbed Friendchain, which will be developed with the help of Conduit, a platform for quickly deploying rollups on Ethereum-compatible networks.

The move comes as daily active users (DAU) and the price of the FRIEND token are both near all-time lows.

FRIEND Price Since Launch chart
FRIEND Price Since Launch

Conduit enables users to “deploy a rollup in minutes, not months.” The no-code platform birthed other popular rollup chains such as Zora, Aevo, and Orderly.

Following its launch in August last year, Friendtech took the crypto space by storm, and amassed $50 million in fees in under 3 months. However, usage, fees, and sentiment surrounding the social-fi dApp have fallen drastically since their October 2023 highs.

Friendtech Daily Active Users
Friendtech Daily Active Users

FRIEND is up 18% in the past 24 hours, trading at a $85 million market capitalization.