Announcing decentralized social media platform – built on the

Decentralized social media platform – built on the Coinbase Layer-2 Base network – has announced plans to develop its own blockchain, Friendchain, but the decision to do so has left many users wondering, “Why?”

“No hate, just a real question, what is the value proposition of a community-driven series?” asked cryptocurrency trader Dr. Gojipop in response to’s announcement on the 8th June regarding its blockchain. added that it will use its native blockchain. token, Friend (FRIEND), as a “fully transferable gas token”.

“Why do you need blockchain? » “Why,” added a cryptocurrency commenter under the pseudonym ox0, while Bob Bank, co-founder of gas auditing firm Gaslite, commented.

Meanwhile, others have expressed concerns over whether this means gas fees will be higher than those of Base – which is often referred to as a “low-cost” layer 2 Ethereum (ETH) solution.


However, this announcement piqued traders’ interest as Friend’s price saw a sharp rise shortly after.

Friend Price Increased Significantly After Announcement

Friend’s price jumped 64% in the 20 minutes following the announcement, reaching $1.31, before quickly falling to $0.89 within an hour, according to CoinMarketCap data.

Friend’s huge price volatility comes just a month after launched the token with a significant drop.

Just hours after went live on May 3, the largest whale, known as “Murphys1d,” sold over 55,000 newly issued Friend tokens.

about: revenue exceeded 10,000 ETH, TVL exceeded 30,000 ETH

The same day saw a record number of transactions on, which has remained noticeably stagnant since its strong launch in August 2023. transaction activity since its launch in August 2023. Source: Dune

Just a week after launched, its fees surpassed $1 million in 24 hours on August 19, beating Uniswap and the Bitcoin network.

Cointelegraph reached out to for comment but did not receive a response at the time of publication.

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