The social media-focused crypto project is reversing its decision to leave major U.S.-based crypto exchange Coinbase's blockchain.
new announcement Social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer has plans to leave Base and create its own blockchain.
“We heard your feedback: you don’t want FRIEND to move to another chain. We agree. FRIEND was always intended to be a 100% community-controlled token that powers club contracts.”
The supply and liquidity transition is not in keeping with that spirit. In the FriendTech app, you will still be able to create clubs, chat, buy keys and use FRIEND on Base.
Additionally, we have disabled all protocol fees from BunnySwap, Club, and v1 smart contracts. 100% of fees will now go to traders, LPs, and Club Presidents in our community.”
Last month, Friend.tech announced it was splitting off from Base and partnering with Ethereum (ETH) rollup company Conduit to build its own network, Friendchain.
Friend.tech is set to launch in 2023 and will allow users to connect their X-Accounts to their cryptocurrency wallets, creating a decentralized finance (DeFi) social media space where fans and creators can interact with each other.
FRIEND is trading at $0.323 at the time of writing, down 22.4% over the past 24 hours.
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Featured image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov
