Friend.tech, known for its SocialFi application protocol, has announced its decision to part ways with Coinbase’s Base chain in order to launch its own network. The team behind Friend.tech revealed that they will be collaborating with Conduit, a company specializing in Ethereum rollups, to develop Friendchain – a blockchain that will use FRIEND as its gas token.

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

Users can now sign up for the upcoming Friendchain testnet, although an official launch date has not been disclosed. 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.

Friend.tech offers users a unique opportunity to engage with creators in a way that traditional channels do not allow. 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 for profit.

Data from market intelligence firm Dune Analytics indicates that Friend.tech currently has approximately $9 million in Total Value Locked (TVL) and over 916,800 users who have completed at least one trade on the platform. As of now, FRIEND is trading at $0.791, marking a nearly 20% decrease in the last 24 hours.

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