A New Dawn for Friendtech

SocialFi app Friendtech has announced a groundbreaking move. The platform is set to leave Base in favor of its own native blockchain, aptly named Friendchain. This strategic shift will be executed with the assistance of Conduit, a platform renowned for its rapid deployment of rollups on Ethereum-compatible networks.

The Role of Conduit

Conduit enables users to 'deploy a rollup in minutes, not months.' The no-code platform has already birthed other popular rollup chains like Zora, Aevo, and Orderly. Friendtech’s collaboration with Conduit signifies a major step in its technological evolution.

Declining Metrics

The decision to transition comes at a critical time. Friendtech has experienced a drastic drop in daily active users (DAU) and the price of its native token, FRIEND, both nearing all-time lows.

Following its launch in August last year, Friendtech quickly garnered attention, amassing $50 million in fees in under three months. However, since reaching their peak in October 2023, the platform's usage, fees, and overall sentiment have seen a significant decline.

Market Reaction

Despite the downturn, the recent Friendtech announcement has caused the price to increase by 18% in the last 24 hours raising its market cap to about $85 million.

"Friendtech's transition to Friendchain marks a significant shift in its strategic vision."

Looking Ahead

As Friendtech embarks on this new journey, the crypto community will be watching closely. The move to Friendchain represents not just a technological upgrade but also a renewed commitment to innovation and user engagement. With Conduit's support, Friendtech aims to reclaim its position as a leading player in the SocialFi space.