FriendTech will not migrate its native Friend token off the Base Layer 2 network, the web3 social network announced on Wednesday.
FriendTech said the native token was designed to be completely community-controlled and used for supporting Clubs contracts. “Migrating the supply and liquidity would not align with that spirit. You'll still be able to create clubs, chat, buy keys, and use $FRIEND on Base in the friendtech app.” Clubs are exclusive community spaces on the protocol and one of its core features introduced in May.
Last month, the project announced that it would migrate away from Base, the Ethereum Layer-2 network backed by Coinbase, to a new blockchain developed with infrastructure provider Conduit. The planned blockchain, then dubbed Friendchain, intended to use the platform’s native token for gas fees and governance.
FriendTech launched last August on Base and gained prominence with its unique, invite-only networking service that leverages social tokens called “keys,” which give users access to exclusive chats and content from creators.
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