- Social media platform Good friend.tech is constructing its personal blockchain referred to as Friendchain.
- Friendchain makes use of FRIEND, the platform's native token.
- The measure has been controversial, with consultants questioning its necessity and potential drawbacks.
Good friend.tech, a decentralized social media platform initially constructed on Coinbase’s Layer 2 community Base, has introduced plans to create its personal blockchain referred to as Friendchain. Good friend.tech revealed the transfer yesterday, June 8, through its official X account.
In line with the discover, Good friend.tech is working with crypto infrastructure startup Conduit to construct the proposed blockchain, and the platform will make the most of a local token, FRIEND, on the brand new blockchain.
Nonetheless, the announcement has drawn heavy criticism from trade consultants who query the necessity for a blockchain devoted to social media performance. “What’s the worth proposition of a social-focused chain?” requested Dr Joj Papp, CEO of buying and selling platform AstraBit.
Amogh Gupta of the Sui Basis expressed concern about transferring away from the Base blockchain to a extra centralized infrastructure that’s much less battle-tested, recalling that Conduit was beforehand the RaaS supplier for the Degen chain, which was down for over 24 hours.
Xiong, the Jupiter Change co-founder, questioned the validity of the narrative surrounding the launch of a brand new blockchain in an period when creating your individual Layer 2 is as simple as a click on:
Becoming a member of the crucial voices, Kinode OS architect Mothu et Doria sarcastically highlighted the potential utility and scalability good points that the brand new blockchain might convey to Good friend.tech’s platform amid present points with the app’s efficiency and performance.
Moreover, commenters additionally expressed concern about the potential of elevated gasoline charges on Friendchain, as Base is understood to be a low-cost Ethereum Layer 2 resolution.
Regardless of combined reactions, the market reacted shortly to the information: Good friend's shares rose dramatically, rising 64% to $1.31 after the announcement, earlier than dropping again to $0.89 inside the hour.
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