Bitcoin To Exit Coinbase L2 Base, Announces Migration To New Blockchain

The decentralized social network has unveiled plans to maneuver from Coinbase’s Layer 2 blockchain Base to its proprietary community, Friendchain. This improvement will come as a part of the platform’s collaboration with Conduit, a crypto infrastructure service supplier.

When Will The New Blockchain Launch?

In a June eighth post on X, web3 social platform revealed its plans to create a brand new blockchain dubbed “Friendchain,” winding down its partnership with the Coinbase-incubated Base community. In response to the announcement, Friendchain is a proprietary blockchain that can make the most of the just lately launched FRIEND token as a completely transferable fuel token.

Associated Studying

Though the decentralized platform’s workforce didn’t disclose a timeline for the community migration, the announcement did say that customers shall be stored abreast of related data “over the coming months.” It may be deduced from’s message that the Friendchain mainnet migration may take months.

Nevertheless, this improvement isn’t precisely a shock, contemplating that the co-founder Racer had publicly expressed the will to maneuver the decentralized social platform off Base in late Could. In a now-inaccessible submit on X, Racer mentioned about workforce’s shaky relationship with Base:

Farcaster buyers went apeshit smearing us after we launched as a result of they misunderstood what we had been doing. Pushed it actually exhausting on their workforce and customers and the connection has been downhill since then with us getting ostracized from something that’s for the ‘Base neighborhood.

Following its launch in August 2023, was fast to establish itself as one of many high decentralized purposes (dApps) on the Base community. Nevertheless, the social platform has seen consumer curiosity and engagement cool off in current months.

FRIEND Rallies 17% After New Blockchain Announcement

After Racer hinted at a attainable exit from Base, the worth of the FRIEND token plunged by 20%. This considerably compounded the unfavorable sentiment across the token after ITS largely “unsuccessful” airdrop in Could.

Associated Studying

This time round, although, the newest affirmation of “Friendchain” had a fairly optimistic impression on the value of FRIEND. In response to information from CoinGecko, the cryptocurrency jumped greater than 17% following the current announcement, reaching $1 in some unspecified time in the future.

As of this writing, the FRIEND token is valued at $0.93, reflecting an 8% value improve prior to now day. Nevertheless, this newest value spike has not been sufficient to wipe the token’s loss on the weekly timeframe.

FRIEND value on the day by day timeframe | Supply: FRIENDUSDT chart on TradingView

Featured picture from Fortune, chart from TradingView

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