Deniz 
FriendTech unveiled on Wednesday a web3 social network, but it would not migrate its native Friend token off the Base Layer 2 network.
“We’ve heard your feedback: you don’t want $FRIEND moving to another chain. We agree,” said an X post.
According to FriendTech, the native coin was intended for total community governance and use for supporting Club 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.”
Apart from the announcement on the native currency, FriendTech said it has switched off all protocol fees from its decentralized exchange BunnySwap, Clubs, and V1 smart contracts. The protocol pointed out: “Now, 100% of fees will go to traders, (liquidity pools) and Club presidents in the community.”
The project said last month that it would move from Base, the Ethereum Layer-2 network supported by Coinbase, to a new blockchain built with infrastructure provider Conduit. Then called Friendchain, the envisioned blockchain sought to employ the native coin of the site for governance and gas costs.
FriendTech co-founder, under the alias Racer, openly indicated interest in having the protocol depart the Base network before the announcement, citing the bad connection the team had with Base. The protocol did not establish a comprehensive schedule for the network migration.
Launched last August on Base, FriendTech became well-known with its innovative, invite-only networking tool that makes use of social tokens known as “keys,” therefore granting users access to special discussions and materials created by artists.
In the past 24 hours, the FriendTech token dropped 34% to a fresh low of $0.3108 at the time of writing. Early May’s $3.26 all-time high marks 90% of the whole decline.
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