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Blockchain-based social media applications were extremely popular last year, but things have changed this year. Many sectors are distracting investors, who are now showing more interest in AI, PolitFi, and a few other categories. The latest announcement has sparked movement in last year’s popular altcoin.
What is Friendchain?
The Web3 story also includes new-generation social media networks, with FriendTech being a significant player in this area. The project’s latest announcement was about an agreement with a crypto infrastructure service provider to launch its own network. The effort of crypto protocols to create their own native networks has become more prominent with the increased interest in layer2 solutions last year. DYDX, Chiliz, and many other projects have completed their moves in this regard.
On June 8, FriendTech announced its collaboration plan with infrastructure company Conduit for its own network. Following the news, the platform’s token increased by 15%. A clear timeline and roadmap for Friendchain have not yet been disclosed.
“We are pleased to work with Conduit on our own blockchain, Friendchain, using $FRIEND as a fully transferable gas token.”
FRIEND Token
Launched in August 2023 and one of the most popular applications on the BASE network, FriendTech quickly went viral. The team, seeing the need in the SocialFI area, created a new structure integrated with Twitter accounts, allowing influencers to earn money through the platform. This enabled well-known figures to advertise for free.
Subsequently, we saw alternatives like Stars Arena on the Avalanche network. According to Dune Analytics data, the platform hosted half a million transactions per day during its peak days. However, the number of transactions has now dropped below 1,000.
The good news is that the price continued to rise despite BTC negativity, following a 15% increase due to the upcoming launch of its own network. The altcoin, maintaining closures above $1.2, is moving away from the dip at $0.96. If the $1.25 and $1.33 levels turn into support, new attempts at the $1.5 threshold may be seen. Perhaps the shaping of the roadmap will support the continuation of the rise.
