CoinDesk reports:
A cryptocurrency project focused on social media is reversing its decision to depart from leading US cryptocurrency exchange Coinbase’s blockchain.
In a recent announcement on social media platform X, Friend.tech (Friend) stated that based on community feedback, it no longer plans to depart Base to create its own blockchain.
“We’ve heard you loud and clear: you don’t want FRIEND moving to another chain. We agree. FRIEND has always been a token 100% controlled by the community, powering club contracts.”
Migration of supply and liquidity does not align with this ethos. You can still create clubs, chat, purchase keys, and use FRIEND on Base within the friendtech app.
Furthermore, we are eliminating all protocol fees for BunnySwap, Club, and v1 smart contracts. Now, 100% of fees will go to traders, LPs, and club chairs in the community.”
Last month, Friend.tech announced plans to depart Base, partnering with Conduct, a company providing Ethereum (ETH) aggregation, to launch its own network, Friendchain.
Launched in 2023, Friend.tech allows users to link their X accounts with crypto wallets, creating a decentralized finance (DeFi) social media space where fans and creators can interact.
At the time of writing, FRIEND is trading at $0.323, marking a 22.4% decrease in the past 24 hours.
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Featured Image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov
