Tech
Friend.tech faces token release among co-founder’s departure plans
The native token of Friend.tech, a Web3 social network, has dramatically lost value today.
The massive drop followed a social media post from the project’s co-founder, Racer, indicating a desire to leave the Base network.
The runner’s post causes a sharp drop in the value of FRIENDS
The Friend.tech token, FRIEND, which fell more than 27% after Racer’s post. His message on
“System Design Reward: If you can find a way to migrate FriendsTech off Base without major problems for users and it works well enough for us to use, we’ll pay you $200,000,” Racer published.
To know more: What is Friend.Tech? A deep dive into the Web3 social media app
FRIEND 1 day chart. Source: BeInCrypto
The relationship between Friend.tech and Base has been difficult. Racer noted that Farcaster investors misunderstood their project at launch, straining the relationship with the Base community. This caused the Friend.tech team to feel ostracized and disconnected from the Base and Ethereum ecosystems.
Jesse Pollak, who leads Base at Coinbase, responded with understanding. In his post, Pollak acknowledged that the project team felt isolated and expressed support for whatever path they chose.
“I would be sad if the team decided to leave Base, but I also respect and support any path – that’s the beauty of the decentralized, on-chain economy,” Pollak he wrote.
Launched on August 10, 2023, Friend.tech has become one of the leading decentralized applications (dApps) on the Base network. It has attracted over 200,000 users and facilitated trading volume in excess of $230 million. The platform converts user influence into exchangeable tokens known as “keys,” allowing users to access a creator’s attention or influence.
Friend.tech recently made headlines thanks to the debut of its second version (Friend.tech V2) and a native token airdrop. The FRIEND token is claimed to be exclusively owned by its user base and has a market capitalization of approximately $200 million.
Franklin Templeton’s analysis reveals that approximately 46% of all transactions on Base are intertwined with SocialFi applications, pointing to Friend.tech as a prime example. Recent developments raise questions about the future of the Base network project. Although Racer’s posts are inaccessible, the market reacted quickly and significantly.
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