FriendTech says native token will stay on Base, emphasizes community control
Quick Take
- FriendTech said that its native token will remain on the Base blockchain in response to community feedback.
- It also said it turned off all protocol fees from BunnySwap, Clubs and V1 smart contracts.
FriendTech will not migrate its native Friend token off the Base Layer 2 network, the web3 social network announced on Wednesday.
“We’ve heard your feedback: you don’t want $FRIEND moving to another chain. We agree,” it stated in an X post.
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.
Apart from the announcement regarding the native token, FriendTech added that it has turned off all protocol fees from its decentralized exchange BunnySwap, Clubs, and V1 smart contracts. “Now, 100% of fees will go to traders, [liquidity pools], and Club presidents in the community,” the protocol noted.
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.
Prior to the announcement, FriendTech co-founder, known pseudonymously as Racer, publicly expressed interest in having the protocol leave the Base network, citing the strained relationship the team had with Base. The protocol did not announce a detailed timeline for the network migration.
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.
The FriendTech token fell 34% in the past 24 hours to a new low of $0.31 at the time of writing. It is down 90% from its all-time high of $3.26 in early May, according to The Block’s price page.
FriendTech did not immediately respond to The Block’s request for comment.
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