Friend.tech’s Blockchain Plans Confuse Users
2 min read
Friend.tech's Blockchain Plans Confuse Users
Friend.tech, a decentralized social media platform supported by Coinbase’s layer-2 network Base, has recently disclosed plans to create its own blockchain called Friendchain. This announcement has prompted numerous users to question the necessity and value of such an initiative. Crypto trader Dr. Jojipup expressed a common sentiment by asking about the specific benefits of a blockchain dedicated to social media.
The development of Friendchain will be a collaborative effort with Conduit, a crypto infrastructure startup, and Friend.tech aims to implement its native token, FRIEND, as the main gas token for transactions. While some users responded with skepticism, questioning the need for a new blockchain, others queried whether it could lead to increased gas fees in comparison to Base, which is known for being a cost-effective Ethereum layer-2 solution.
Despite the range of opinions, the announcement captured the attention of the trading community, causing a notable increase in the price of the Friend token. Within 20 minutes of the news, the price surged by 64% to $1.31, though it quickly settled back to $0.89 within the hour. This volatility is an indicator of the market’s reactions to Friend.tech’s strategic moves.
This recent price movement of the Friend token is specifically notable because it comes shortly after Friend.tech introduced the token alongside a significant airdrop. The airdrop, which went live on May 3, led to a large transaction from the platform’s biggest whale, “Murphys1d,” who sold over 55,000 newly distributed tokens within a short time frame.
This flurry of activity marked a pivotal moment for Friend.tech, especially considering that engagement had stagnated since its strong initial launch in August 2023. In fact, just a week after its debut, Friend.tech saw transaction fees surpassing $1 million within a 24-hour period on August 19, outperforming even established platforms like Uniswap and the Bitcoin network at that time.
The primary driver behind creating Friendchain appears to be the desire for autonomy and perhaps a more tailored blockchain experience that aligns specifically with the needs of a social media platform. This move could potentially offer unique advantages but also poses risks, particularly concerning transaction costs and user adoption.
There is also an underlying question about the long-term sustainability and scalability of creating a specialized blockchain in an already crowded crypto space. Friend.tech needs to demonstrate that Friendchain can offer benefits that justify its existence and attract a dedicated user base willing to engage with it.
Friend.tech’s journey toward developing Friendchain is met with both anticipation and apprehension. Only time will tell if this venture will enhance the platform’s value proposition or if it will face challenges that could undermine its potential benefits. The crypto community remains watchful, poised to see how this bold move will unfold in the rapidly evolving blockchain landscape.
Loving Friend.tech’s ambition with Friendchain. If executed well, this could be a revolutionary step!
Creating a new blockchain just for social media seems redundant. What’s wrong with improving current tech instead? 🤷♀️
With Friendchain, Friend.tech is clearly aiming for the stars. Wishing them all the success!
Friendchain could be the key to unlocking new possibilities in blockchain social media. Best of luck, Friend.tech! 🌟📲
Friendchain could offer a more tailored experience for users. This is why I love the crypto space constant innovation!
More blockchains, more headaches. Cant we just simplify instead of complicate?
Friend.techs new blockchain venture seems like a huge waste of resources. Lets focus on real solutions, please.
Another native token? FRIEND’s volatility is already too much. Do we really need this? 😑
Why another blockchain? Just stick to Base! Sounds like a cash grab to me.
Could Friendchain be the future of social media on blockchain? Cant wait to find out!
It’s interesting to see Friend.tech take such bold steps. Friendchain could really set them apart if executed well! 💪🌐
Another blockchain, another rug pull waiting to happen? 🚨
Feels like theyre jumping on every buzzword trend without clear direction. What a mess.
Despite some skepticism, I think Friend.techs bold move with Friendchain is visionary. Excited to see where it goes!
This move towards Friendchain shows that Friend.tech is serious about innovation. Could be a game-changer! 💡🔗
FRIEND token volatility is stressing me out. Dont need another layer of complexity with Friendchain.
Gas fees on a new blockchain could be higher. Not everyone can afford that! 💸
Friend.tech’s collaboration with Conduit seems promising. Two powerhouses coming together can only mean good things! 🤝⚡
The partnership with Conduit could mean real tech advancements. Fingers crossed for some groundbreaking innovation!
Friend.tech keeps pushing the envelope with Friendchain. Truly inspiring to see such ambition! 💪🌐
Friend.techs airdrop and subsequent price movement make it an exciting time to be in crypto. Loving every bit of it!
Bold move? More like a risky gamble. I’ll pass on Friendchain, thank you very much.
Friend.tech’s initiative to create Friendchain is visionary. Here’s hoping it leads to great things!
The price action following the announcement was intense! Shows how much the market is paying attention to Friend.tech. 👀🔥
The potential for a dedicated blockchain like Friendchain is enormous! Customization for social media could bring about some game-changing innovations.
This development is a landmark moment for Friend.tech. Friendchain could be the future of decentralized social media! 🌉
The Friendchain announcement is huge! It shows Friend.tech’s commitment to evolving and improving. Onward and upward! 📈🌟
A dedicated blockchain for social media? Count me in! Cant wait to see Friend.tech take this idea to new heights.
Friend.tech making waves again with the Friendchain announcement. Definitely a project to keep an eye on! 🌟
The surge in FRIEND token prices right after the announcement is wild! Can’t wait to see what’s next.
They’re trying too hard to make Friend.tech relevant again. Its not gonna work.
Super pumped about the FRIEND token and its use as a main gas token. Let’s watch this space closely! 🕵️♂️💥
Autonomy? Tailored experience? Sounds like marketing fluff to me.
Its exciting to see platforms like Friend.tech challenge the status quo. Friendchain could be a powerful tool.
The potential of Friendchain is incredible! Imagine what a blockchain dedicated to social media could achieve.
Friendchain? Really? Are they just bored or what? Seems like an overhyped gimmick.
Friendchain seems like a step towards a more specialized and efficient blockchain experience. Absolutely thrilling! ⚙️💡
Creating Friendchain sounds like a vanity project. Wheres the real benefit for everyday users?
Wow, Friend.tech’s plans for Friendchain sound revolutionary! Excited to see how this could redefine social media. 🚀
Looks like a desperate attempt to revive a dying platform. Does anyone care anymore? 🥱