A social media-focused cryptocurrency project is reversing its decision to leave the blockchain of Coinbase, the leading U.S.-based cryptocurrency exchange.
In a new announcement On social media platform X, Friend.tech (FRIEND) states that based on community feedback, it no longer plans to leave Base to create its own blockchain.
“We’ve heard your feedback: you don’t want FRIEND to move to another chain. We agree. FRIEND was always meant to be a 100% community-controlled token powering the Clubs contract.
Migrating supply and liquidity would not fit this spirit. You will still be able to create clubs, chat, buy keys and use FRIEND on the base in the friendtech app.
Additionally, we have disabled all protocol fees from BunnySwap, Clubs, and v1 smart contracts. Now, 100% of the fees will be paid to traders, LPs, and club presidents in the community.
Last month, Friend.tech announced that it would be leaving Base to partner with Conduit, a company that provides Ethereum (ETH) rollups, to create Friendchain, its own network.
Friend.tech launched in 2023 and allows users to connect their X accounts to crypto wallets, creating a decentralized finance (DeFi) social media space where fans and creators can interact with each other.
FRIEND is trading at $0.323 at the time of writing, down 22.4% in the last 24 hours.
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Featured image: Shutterstock/Pavel Chagochkin/Vladimir Sazonov
