Friend.tech’s application protocol, known as FRIEND, has announced its departure from Coinbase’s Base chain to pursue the development of its own network. The team behind the social finance platform is teaming up with Conduit, a provider of Ethereum rollups, to create Friendchain, a blockchain that will use FRIEND as its gas token.

“We’re excited to collaborate with Conduit on Friendchain, our very own blockchain that will utilize FRIEND as a fully transferable gas token. Stay tuned for updates as we embark on this new and thrilling chapter,” stated the team at Friend.tech.

Interested users can 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) environment where fans and creators can interact directly.

“Friend.tech facilitates direct engagement between users and creators, offering a unique experience not typically found 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 investing in their keys,” explained Friend.tech.

Data from market intelligence firm 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 trade on the platform. As of the current writing, FRIEND is trading at $0.791, reflecting a decrease of nearly 20% over the last 24 hours.

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Featured Image: Shutterstock/Yurchanka Siarhei