FriendTech Squashes Rumors of Chain Migration, Unveils Plans for Friendchain

IconCryptoNewsTerminal Staff03 Jul, 2024

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FriendTech Squashes Rumors of Chain Migration, Unveils Plans for Friendchain

FriendTech, the decentralized social network platform, has taken to its official blog to address rumors of a possible chain migration away from Coinbase's Base layer-2 network. In a statement, FriendTech asserted that it "acknowledges and agrees with the community sentiment of not wanting to migrate from Base to another chain." The platform emphasized that "Friend is a community-controlled token, and moving its supply and liquidity elsewhere goes against that." To further demonstrate its commitment to community control, FriendTech announced the removal of protocol fees on Bunnyswap, Clubs, and the V1 smart contract. These fees will now be distributed to community traders, liquidity providers, and club leaders. News of a strained relationship between FriendTech and Base had surfaced on May 27th, with The Block reporting that a migration was possible. However, FriendTech has firmly refuted these rumors. In a separate announcement on June 8th, FriendTech revealed plans to develop its own blockchain, dubbed Friendchain. FRIEND will serve as the gas token for the new chain. This move further cements FriendTech's dedication to community governance and self-sufficiency.

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