Friend.tech, a once thriving social app, is currently in a state of upheaval following the announcement of its platform migration from the popular Ethereum L2 network to its very own infrastructure, Friendchain. This transition comes hand in hand with the introduction of the Conduit system, which promises groundbreaking advancements in social interactions and monetization.
Debuting in August 2023 on Coinbase’s Ethereum L2 network, Friend.tech quickly gained traction due to its unique approach to monetization and social engagement. However, these distinctive features have sparked skepticism and backlash, particularly as they could invite regulatory scrutiny.
The news of the migration was accompanied by a plea for users to secure their spots on the Friendchain testnet, with the enticing offer of an airdrop of the $FRIEND token for participants. Despite this, the announcement wasn’t universally well-received, as a segment of the community expressed reservations about the establishment of a new network. An anonymous user, known as The Giver, voiced his apprehensions on Twitter: “It is premature for Friend.tech to embark on migrating its project and user base to a new network.”
We are delighted to collaborate with @conduitxyz on Friendchain, our very own blockchain that leverages $FRIEND as a fully transferable gas token. Stay tuned for all the essential updates as we embark on this exciting new chapter in the upcoming months.
Despite the promises and incentives, the price of the FRIEND token experienced a sharp decline. Following a brief surge to $1.30, its value plummeted over the weekend, trading at $0.78, marking a 60% depreciation compared to the previous month. This price hovers just slightly above its recent all-time low. At the time of publication, the FRIEND price stood at $0.8059, registering an 11% drop in the last 24 hours.
The initial excitement surrounding the token’s airdrop failed to maintain momentum. Introduced at $3.00 in May, FRIEND underwent significant volatility, quickly reaching its peak value before encountering a sudden downturn.
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