Friend.tech Token Plummets as Co-Founder Hints at Leaving Base Network
The native token for Web3 social network Friend.tech, FRIEND, plummeted by 28.35% today after the protocol’s co-founder, known pseudonymously as Racer, expressed a desire to leave Base, the Coinbase-created Ethereum Layer-2 network hosting the project.
“System design bounty: If you can figure out a way to migrate Friend.tech off of Base without causing major issues for users, and it works well enough that we decide to use it, we will pay you $200K,” Racer announced on X.
Racer detailed the strained relationship with Base, mentioning that investors from Farcaster had criticized Friend.tech upon its launch, leading to ongoing tensions and ostracization from the Base community.
my quick thoughts:
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) May 26, 2024
- I love @0xRacerAlt and @friendtech
- they've repeatedly innovated at the edge of what's possible on @base and showed the way for the industry
- their product was incorrectly culturally labeled early on as "negatively speculative" by certain parts of the… https://t.co/m7h1cvLDJQ
In response, Jesse Pollak, head of Base at Coinbase, acknowledged the issues, stating, “I’ll be sad if the team decides to leave Base, but I also respect and will support whatever path – that’s the beauty of the decentralized, onchain economy.”
The token, recently launched as part of Friend.tech’s version 2 rollout, fell sharply following Racer’s posts, with a decline of around 20%.
For more Web3 news, check out the XGA newsfeed.
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