Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain

A social media-focused crypto project is reversing course on its decision to leave the blockchain of top US-based crypto exchange Coinbase.

In a new announcement on the social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer plans to leave Base to create its own blockchain.

“We’ve heard your feedback: you don’t want FRIEND moving to another chain. We agree. FRIEND was always meant to be a 100% community-controlled token powering the Clubs contract.

Migrating the supply and liquidity would not align with that spirit. You’ll still be able to create clubs, chat, buy keys, and use FRIEND on Base in the friendtech app.

Additionally, we’ve turned off all protocol fees from the BunnySwap, Clubs, and v1 smart contracts. Now, 100% of fees will go to traders, LPs, and Club presidents in the community.”

Last month, Friend.tech announced that it would be departing from Base to partner up with Conduit, a firm that provides Ethereum (ETH) rollups, to create Friendchain, its very own network.

Friend.tech launched in 2023 and allows users to connect their X accounts with the crypto wallets, creating a decentralized finance (DeFi) social media space where fans and creators can engage with each other.

FRIEND is trading for $0.323 at time of writing, a 22.4% decrease during the last 24 hours.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov

The post Decentralized Social Media Platform Friend.tech Reverses Decision To Migrate From Coinbase-Backed Layer-2 Chain appeared first on The Daily Hodl.