Friend.tech Token Plummets Over 20% Amid Co-Founder’s Base Departure Hint
The native token of Web3 social network Friend.tech, known as FRIEND, has experienced a significant drop in value.
The decline came after one of the protocol’s co-founders, who goes by the pseudonym Racer, expressed intentions to part ways with Base, the Ethereum Layer-2 network developed by Coinbase that hosts the project.
“System design bounty: If you can figure out a way to migrate friendtech 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 said in a post on X.
According to Racer, the relationship between the Friend.tech team and Base has been tumultuous.
In another post, Racer mentioned that Farcaster investors had misconstrued their project upon its launch, resulting in a strained relationship with the Base community.
The team felt ostracized and disconnected from certain parts of the Base and Ethereum ecosystems.
Jesse Pollak, the head of Base at Coinbase, responded to the situation with a message of understanding.
In a post, Pollak acknowledged that the Friend.tech team had experienced feelings of isolation and disconnection and expressed his support for whatever path they choose.
“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,” Pollak wrote.
my quick thoughts:
– 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
— Jesse Pollak (jesse.xyz)
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