Activity on FriendTech briefly increased with the launch of its v2 upgrade in May, but activity has since declined to pre-v2 levels.
Web3 social network FriendTech has officially broken off its friendship with Base, the Ethereum Layer 2 network stewarded by Coinbase, as it prepares to migrate to a new blockchain dubbed Friendchain , created in partnership with blockchain infrastructure provider Conduit.
The network will use FriendTech's native token as a "fully transferable gas token" and while the protocol didn't specify a timeline for the move, its announcement on X promised to keep its users informed "over the coming months" as development of the blockchain progresses. While the announcement had scant other details, the move isn't entirely a surprise given FriendTech co-founder Racer's recent public comments insinuating that the team desired to migrate away from Base. At the time, Racer's announcement caused FriendTech's token to drop 20% in price.
The recent announcement has seemingly had the inverse effect on the price, however, which has risen 11% over the past twenty-four hours, according to The Block's Price Page. The platform has recently seen a decline in engagement in terms of buyers and sellers of the keys which grant access to specific users' posts. While the activity on the network briefly increased at the beginning of May with the launch of FriendTech's 'v2' upgrade, with tens of thousands of transactions on the service per day, those numbers have since fallen to levels similar to the pre-v2 upgrade period, according to The Block's data.
Social Platforms Friend.Tech Friend.Tech V2 Friendchain Friendtech
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Base set for ‘material share’ of SocialFi activity: Franklin TempletonEthereum layer 2 Base will capture a “material share” of SocialFi activity on-chain, says trillion-dollar asset manager Franklin Templeton.
Read more »
Friends again? A closer look FriendTech hype and post-v2 activityIt seems the anticipation for the airdrop was enough to get people back on FriendTech, as transactions have picked up again over the past month.
Read more »
Research finds human activity over natural inputs determines the bacterial community in an ice coreThe Tibetan Plateau (TP) has the third-largest number of glaciers after the Antarctic and Greenland. Bacteria, deposited on glacier surfaces through dry and wet deposition, undergo in-situ growth and are subsequently preserved in ice cores following environmental selection pressures such as UV radiation and low temperatures.
Read more »
Extreme Exoplanet Discovered: Fiery Red Planet Rages With Intense Volcanic ActivityScience, Space and Technology News 2024
Read more »
Top 10 NFT-Related Cryptocurrencies by Development Activity: DetailsCrypto Blog
Read more »
BoJ Survey: Japan on cusp of seeing big changes in corporate activityThe findings of a survey, conducted by the Bank of Japan (BoJ) to assess its past monetary easing measures, showed that Japan is on the cusp of seeing big changes in corporate activity.
Read more »