Friend.tech, the SocialFi application protocol known as FRIEND, has announced its departure from Coinbase’s Base chain in order to develop its own network. The team behind the platform revealed that they will be collaborating with Conduit, a company specializing in Ethereum (ETH) rollups, to create Friendchain, a blockchain that will use FRIEND as its gas token.

“We are excited to announce our partnership with Conduit to launch Friendchain, our very own blockchain utilizing FRIEND as a versatile gas token. Stay tuned for updates as we embark on this new and exciting chapter,” stated the team.

Users can now register for the upcoming Friendchain testnet, although no specific launch date has 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 facilitates direct engagement between users and creators, offering unique opportunities that are not typically available through traditional channels. For example, 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 acquiring their keys for resale value,” explained the platform.

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

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