Buddy.tech, a key participant within the web3 social networking sphere, has disclosed plans to collaborate with Conduit, a notable crypto infrastructure service supplier, to create its native blockchain.
On June 8, Buddy.tech unveiled plans for Friendchain, a proprietary blockchain that may make the most of the FRIEND token as a completely transferable fuel token.
The platform didn’t specify a launch timeline for the mission.
In the meantime, the choice isn’t shocking, given latest statements from the mission’s co-founder, Racer.
In Might, Racer talked about the risk of leaving the Coinbase-backed Ethereum layer-2 community Base resulting from emotions of alienation from the ecosystem. He even supplied a $200,000 reward for any developer who may efficiently migrate the platform from Base with out main disruptions.
Nonetheless, the latest announcement has elicited blended reactions throughout the group. Some analysts view it as a pure development, suggesting that profitable decentralized functions will finally turn out to be impartial chains. Others warning that this transfer may hinder development.
A distinguished FriendTech advocate, often called The Giver on social media platform X, described the choice as “short-term bullish and mid-term bearish” for the crypto enterprise.
In keeping with the analyst, FriendTech ought to deal with maximizing person acquisition to construct a stable person base, ideally by leveraging connections by means of the Base and Solana blockchains.
Since its launch in August 2023, Buddy.tech has turn out to be one of many main SocialFi decentralized functions (dApps) on the Base community. The platform’s mannequin permits customers to buy keys linked to their social media accounts, facilitating direct interactions with influencers.
Key purchases not solely grant chat entry but additionally present monetary advantages. Customers obtain a share of the transaction charges and reward factors that may result in token airdrops.
Following the launch of its second model and a token airdrop marketing campaign final month, Buddy.tech has solidified its place on the forefront of the SocialFi motion. Regardless of a latest 20% lower in whole worth locked, the platform nonetheless leads the SocialFi pattern with almost $10 million in TVL as of June 8, in keeping with knowledge from DeFiLlama.
Presently, FRIEND is buying and selling at round $0.8439, up 15% up to now 24 hours, in keeping with knowledge from CoinMarketCap.
