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Friend.tech, one of the leading crypto social apps, has announced plans to move from Coinbase's Layer 2 network, Base, to its own L2 called Friendchain.
What's the scoop?
- Friendchain will be developed in partnership with blockchain infra provider Conduit.
- Friend.tech’s native token, FRIEND, will serve as the upcoming L2’s gas token.
- The timeline for the migration from
Base is yet to be announced.
Bankless take:
The move isn’t necessarily surprising. In May 2024, Friend.tech’s pseudonymous founder Racer offered a $200,000 bounty for a chain migration plan in a since-deleted tweet amid their rising dissatisfaction with the Base ecosystem.
Beyond the Base discontent, though, Friend.tech moving to its own chain allows it greater control over its tech stack and user experience. This autonomy can enable more tailored optimizations and potentially quicker experimental iterations on the platform's features.
Also, the use of FRIEND as a gas token will introduce a new economic dynamic that will be worth tracking going forward, as many L2s don’t currently use their native tokens for gas.
Success here will depend on how well Friend.tech can navigate the associated risks and capitalize on the strategic opportunities it presents.
We're pleased to be working with @conduitxyz on Friendchain, our own blockchain that uses $FRIEND as a fully transferable gas token.
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We'll keep you up-to-date with all the info you need over the coming months as we build out this exciting new chapter. pic.twitter.com/HRa26vfFEXfriend.tech (@friendtech) June 8, 2024
