Friendchain Announcement Sparks Debate Among Users
Buddy.tech to Develop Own Blockchain, Friendchain, Sparking User Questions
Decentralized social media platform Buddy.tech, which operates on Coinbase’s layer-2 network Base, announced its plans to create its own blockchain called Friendchain. The move has raised questions within the crypto community about the necessity and value proposition of a social media-focused blockchain.
Key Points:
- Announcement Details: Buddy.tech intends to collaborate with crypto infrastructure startup Conduit to develop Friendchain and will use its native token, FRIEND, as a fully transferable gas token.
- Community Reactions: Users have expressed skepticism, questioning the need for a dedicated blockchain for social media. Some also raised concerns about potential higher gas fees compared to those on Base.
- Market Response: Following the announcement, FRIEND’s price surged by 64% within 20 minutes, reaching $1.31 before dropping back to $0.89 within the hour.
- Historical Context: The announcement follows Buddy.tech’s significant airdrop of FRIEND tokens in May, during which the largest whale sold over 55,000 tokens. The platform had previously seen a record transaction day shortly after its strong launch in August 2023.
- Financial Milestones: Just a week post-launch, Buddy.tech’s fees exceeded $1 million in 24 hours on August 19, surpassing Uniswap and Bitcoin network fees.
As of now, Buddy.tech has not responded to requests for further comments.
