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Friend.tech Token Crashes Nearly 30% as Co-Founder Hints Exit from Base

Key Takeaways

  • The FRIEND token's value dropped after co-founder Racer suggested moving Friend.tech off the Base network;
  • Racer revealed that misunderstandings at the project's launch led to tension with the Base community, causing the Friend.tech team to feel isolated and disconnected;
  • Friend.tech remains a leading dApp on the Base network.
Friend.tech Token Crashes Nearly 30% as Co-Founder Hints Exit from Base

The value of the FRIEND token, native to the decentralized social network Friend.tech, has seen a major drop.

The downturn followed comments from Racer, the protocol’s co-founder, who suggested moving the project away from Base, the Ethereum Layer-2 network created by Coinbase

Racer offered $200K for anyone who could find an effective way to move Friend.tech off the Base network without significant user disruption.

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Hot VS Cold Wallet: Which One Do YOU Need? (Animated)

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Racer noted that misunderstandings by Farcaster investors at Friend.tech's launch led to tension with the Base community. This situation caused the team to feel isolated and disconnected from parts of the Base and Ethereum ecosystems.

Racer’s comments led to a nearly 30% drop in the value of the FRIEND token.

Jesse Pollak, the creator of Base, acknowledged these issues and expressed his support for Friend.tech's decisions.

Despite this setback, Friend.tech, launched on August 10, 2023, remains one of the leading decentralized applications (dApps) on the Base network. The platform’s model, which converts user influence into tradable tokens known as "keys," has drawn interest from crypto influencers, NBA players, and esports personalities.

However, the platform has previously faced challenges, including privacy concerns about potential user doxxing due to the link between Twitter profiles and Ethereum addresses. Friend.tech has responded by clarifying that the alleged leaked information was accessible via their public API.

Overall, the drop in the value of the FRIEND token highlights Friend.tech's tensions with the Base community, despite the platform's continued popularity and unique model.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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