Friend.tech develops Friendchain, uses $FRIEND as gas token
Friend.tech, a decentralized social media platform built on the Base network, announced Friday that it is developing its own blockchain, called “Friendchain,” in collaboration with Conduit, a crypto-native infrastructure platform. $FRIEND, the native token of Friend.tech, is set to empower the new blockchain.
Launched in August 2023, Friend.tech has quickly become a notable player in the SocialFi arena. The platform’s unique model allows users to purchase keys linked to their social media accounts, facilitating direct interactions with influencers.
Key purchases not only grant chat access but also yield financial benefits, such as a share of the transaction fees and reward points that can lead to token airdrops.
Following the launch of its second version and a token airdrop campaign last month, Friend.tech has cemented its position at the forefront of the SocialFi movement. Despite a recent 20% decrease in total value locked, the platform still leads the SocialFi trend with nearly $10 million in TVL as of June 8, according to data from DeFiLlama.
At the time of writing, $FRIEND is trading at around $0.95, up 15% in the past 24 hours, according to CoinGecko’s data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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