SocialFi App Friendtech to Develop Own Blockchain

SocialFi app Friendtech has unveiled plans to build its own native blockchain, dubbed Friendchain, which will be developed with the help of Conduit, a platform for quickly deploying rollups on Ethereum-compatible networks.

The move comes as daily active users (DAU) and the price of the FRIEND token are both near all-time lows.

Conduit enables users to “deploy a rollup in minutes, not months.” The no-code platform birthed other popular rollup chains such as Zora, Aevo, and Orderly.

Following its launch in August last year, Friendtech took the crypto space by storm, and amassed $50 million in fees in under 3 months. However, usage, fees, and sentiment surrounding the social-fi dApp have fallen drastically since their October 2023 highs.

FRIEND is up 18% in the past 24 hours, trading at a $85 million market capitalization.