Friend.tech announced that it will not move its native FRIEND token from Base – Coinbase’s Layer 2 network:
We heard your feedback: you don’t want FRIEND to move to another chain. We agree.”
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…
— friend.tech (@friendtech) July 3, 2024
FriendTech says the native token is designed to be fully controlled by the community and is used to power Clubs contracts.
“Moving supply and liquidity would not be in that spirit. You can still create Clubs, chat, buy keys, and use FRIEND on Base in the Friend.tech app.”
Clubs is an exclusive community space on the protocol and was one of the core features introduced in May.
In addition to the announcement regarding the native token, FriendTech added that it has disabled all protocol fees from the BunnySwap decentralized exchange, Clubs, and the V1 smart contract, meaning that users participating in transactions involving these contracts will no longer be subject to the fees typically applied in these protocols.
“Now, 100% of the fees will go to traders, liquidity pools, and Clubs chairmen in the community.”
Last month, the project announced that it would move away from Base and onto a new blockchain developed with infrastructure provider Conduit. The private blockchain, called Friendchain, plans to use the platform’s native token for gas fees and governance.
FriendTech co-founder, known by his pseudonym Racer, has publicly expressed interest in moving the protocol away from the Base network, citing the strained relationship the team has with Base. The protocol has not announced a detailed timeline for the network migration.
FriendTech launched last August on Base and became popular for its unique invite-only connection service that leverages social tokens called “Keys,” giving users access to exclusive conversations and content from creators.
The native FRIEND token fell 25% in the past 24 hours to a new low of $0.31 before recovering slightly and losing 90% from its all-time high of $3.26 in early May.
Source: TradingView
Itadori
According to The Block
