Friend.tech token plunges over 20%: Co-founder hints at possible departure from Base

The native token FRIEND of the Web3 social platform Friend.tech experienced a significant drop today, with a decline of over 20%. This decline coincidentally followed a public statement by Racer, co-founder of the protocol, hinting at a possible departure from the Ethereum Layer-2 network Base that currently hosts Friend.tech.

Co-founder Racer Considering Leaving Base

Racer posted on Twitter, now deleted, "System Design Challenge: If you can find a way to migrate Friend.tech out of Base without causing major issues to users and with good enough results, we will adopt it, and we will pay you $200K." This indicates the team's dissatisfaction with the current situation on Base.

Tense Relationship with Base

Racer detailed the friction between Friend.tech and the Base community. "Farcaster investors went crazy blackening us when we went live because they misunderstood what we were doing. This made the relationship between our team and users very tense, and since then, we have been excluded from the Base community, and the relationship has been deteriorating," Racer wrote. This tension apparently had a significant impact on Racer's consideration of moving the project away from Base.

After the post was issued on Sunday, it is currently not viewable, Racer has deleted the account.

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Response from Base Leadership: Feeling Sad

In response to Racer's comments, Jesse Pollak, responsible for Coinbase Base, said, "If the team decides to leave Base, I would be sad, but I also respect and support any path they choose—that's the beauty of the decentralized on-chain economy."

FRIEND Token Price Drops

The market quickly reacted to this news, and the token of Friend.tech dropped by about 20%.

The plan for Friend.tech to move away from Base raises significant questions about the protocol and its relationship with the Ethereum Layer-2 ecosystem. The $200K reward offered by Racer indicates their serious search for viable alternative solutions, which could bring significant changes to users and stakeholders of the social network.