- Following a social media post by one of the co-founders of Friend.tech, expressing a wish to leave Base, the Ethereum Layer-2 network hosting the project, the token price of the Web3 social network saw a dramatic decline today.
The co-founder of the protocol, known only by his alias Racer, openly stated his intention to depart Base, the Ethereum Layer-2 network that Coinbase designed and hosts the project, causing the native token for the Web3 social network Friend.tech FRIEND to plunge precipitously today.
System design bounty: We will pay you $200K if you can move friendtech off of Base without seriously impacting users, and if it functions well enough that we choose to use it. On X, Racer wrote.
Racer claims that there has been a rough connection between Base and the Friend.tech crew. When we first debuted, farcaster investors misrepresented us and went to hell and back.
Racer stated in another post that they “pushed it really hard on their team and users and the relationship has been downhill since then with us getting ostracized from anything that is for the ‘Base community’.” (Racer’s posts were unreachable at specific points on Sunday; it’s unknown if they deactivated their account after the posts.)
Jesse Pollak, the head of Base at Coinbase, acknowledged that the team at Friend.tech had felt cut off from some elements of the Ethereum and Base ecosystems and responded with his own diplomatic article.
That’s the beauty of the decentralized, onchain economy, Pollak wrote. I’ll be sad if the team decides to leave Base, but I also appreciate and will support any path they choose.
Following the article, Friend.tech’s token—which was just introduced as part of the social network’s version 2 rollout—saw a steep decrease of almost 20%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
