’s plan to develop own blockchain leaves users confused

Decentralized social media platform has announced it will be teaming up with Conduit to develop its own blockchain, Friendchain.

Decentralized social media platform — built on Coinbase layer-2 network Base — has announced plans to develop its own blockchain, Friendchain, but the decision to do so has left many users to ask, “Why?”

“No hate, just a genuine question, What is the value proposition of a social-focused chain?,” crypto trader Dr. Jojipup asked in reply to’s June 8 announcement on X, explaining that it will be working with crypto infrastructure startup Conduit to launch its very own blockchain. added that it will use its native token, Friend (FRIEND), as a “fully transferable gas token.”

“Why do you need a blockchain?” added pseudonymous crypto commentator ox0, while co-founder of gas-auditing firm Gaslite, Pop Punk, commented,“why.”

Meanwhile, others voiced concerns about whether it would mean the gas fees would be higher compared to those on Base — often referred to as a “low-cost” Ethereum layer-2 solution.

c702014c 6255 4b19 9b2b cc50a0de6d0e c702014c 6255 4b19 9b2b cc50a0de6d0e



However, the announcement piqued traders’ interest as Friend’s price saw a sharp spike shortly afterward.

The price of Friend skyrocketed after the announcement
Friend jumped 64% within 20 minutes of the announcement, reaching $1.31, before quickly dropping back to $0.89 within the hour, according to CoinMarketCap data.

The significant fluctuation in the price of Friend comes just a month after launched the token along with a major airdrop.

Just hours after the airdrop went live on May 3, the largest whale, known as “Murphys1d,” sold over 55,000 of the newly-issued Friend tokens

That same day marked a record high for transactions on, which had been stagnating significantly since its strong launch in August 2023.

2e0909ba 4207 4be0 9af8 e065f8d10fd1 2e0909ba 4207 4be0 9af8 e065f8d10fd1 transaction activity since launch in August 2023. Source: Dune

Just a week after launched, its fees surpassed $1 million in 24 hours on Aug. 19, outshining Uniswap and the Bitcoin network.

Cointelegraph has reached out to for comment but has not received a response by ttime of publication.

Leave a Reply

Your email address will not be published. Required fields are marked *

Chatbot AI D2