Friend.tech Plans New Blockchain Friendchain with Conduit

Summary:
Friend.tech, a decentralized social media platform on the Base network, announced the development of its own blockchain, "Friendchain," in collaboration with Conduit. The platform’s native token, $FRIEND, will support the new blockchain. Launched in August 2023, Friend.tech has become a significant player in SocialFi, allowing users to buy keys for direct interactions with influencers, which also provide financial benefits. Despite a recent 20% drop in total value locked (TVL), the platform maintains a leading position with nearly $10 million in TVL as of June 8. Currently, $FRIEND is trading at around $0.95, having risen 15% in the past 24 hours.