Friend.tech is launching its own Layer 3 blockchain Friendchain! Token FRIEND rose over 14%

This site (120btC.coM): Friend.tech, a decentralized social platform based on Layer 2 network Base, its co-founder Racer offered a bounty of US$200,000 at the end of May. For those who can come up with a feasible solution to "migrate Friend.tech from the Base chain".

As a result, earlier today (8th), Friend.tech officially announced without warning on FRIEND serves as Gas token. At the same time, it is announced that relevant information will be provided in the next few months.

Friend.tech launches its own Layer3?

As a partner of Friend.tech in developing its own blockchain, Conduit launched a new service in February this year, claiming to allow users to quickly build and deploy customized " L3 Rollup", and pointed out that L3 with ultra-high throughput will make transaction costs even lower: Base and OP Mainnet are examples of general-purpose L2 networks. They are cheap, fast, and can support hundreds of different applications, but some applications require more Cheap computing and dedicated block space. L3 allows applications to stop competing with other applications for block space and scale according to their own needs.

It is estimated that Friend.tech may use Conduit’s new services to deploy its own Layer 3 application chain and officially withdraw from the Base chain.

$FRIEND rose by more than 14%

CoinGecko data shows that the news that Friend.tech will deploy its own blockchain caused $FRIEND, whose currency price continued to slump after the currency was issued last month, to surge by more than 14%. 14.2%, with the highest reaching $0.980759. The current price at the time of writing is $0.9748, up 14.3% in the past 24 hours.

TVL fell below 10 million US dollars

Since Friend.tech was officially launched in August last year, it quickly became popular due to the anticipation of airdrops and the blessing of well-known venture capital such as Paradigm, becoming a leader in the SocialFi track. It is a leading project, but this wave of enthusiasm subsided significantly in October. It was not until last month that it regained the attention of the community after announcing the upcoming launch of V2 and opening airdrop applications.

However, V2 and airdrop news have not yet succeeded in attracting users and funds to return significantly. Defillama data shows that Friend.tech’s TVL fell below US$10 million in June and is now about US$9.83 million.

In addition, DUNE data pointed out that the trading volume and traders of Friend V2 dropped sharply after mid-May, and the number of Clubs creation and creators was also sluggish. Whether Friend.tech’s newly launched in-house blockchain can save its current bleak performance remains to be seen.

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