Connect with us

Hi, what are you looking for?

Editor's Pick Token Plummets Over 20% Amid Co-Founder’s Base Departure Hint

The native token of Web3 social network, 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. Relationship With Base Has Been Tumultuous

According to Racer, the relationship between the 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 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…

— Jesse Pollak ( (@jessepollak) May 26, 2024

Following Racer’s statements, the value of the token plummeted by approximately 20%.’s Popularity Sees Uptick After Decline, launched on August 10, 2023, has become one of the top decentralized applications (dApps) on the Base layer, attracting over 200,000 users and facilitating a trading volume exceeding $230 million.

The platform uniquely converts user influence into tradable tokens known as “keys,” allowing users to gain access to a creator’s attention or influence.

The model has attracted not only cryptocurrency influencers but also NBA players and esports personalities, broadening its appeal beyond the crypto space.

One significant factor contributing to’s popularity was the hype surrounding the Base network, a Layer 2 solution associated with Coinbase.

The involvement of Paradigm, an investment firm connected to Coinbase, further increased confidence in’s potential.

However, the platform has also faced privacy concerns, particularly regarding the potential for user doxxing due to the link between Twitter profiles and Ethereum addresses. has addressed these concerns by clarifying that the information deemed leaked was actually from their public API, showcasing the platform’s open nature while also highlighting the importance of user caution in protecting personal information.

Nevertheless, has seen an uptick in popularity as of late.

According to a Dune analytics dashboard, the project raked in more than $500,000 in revenue on May 3.

This came as its revenue had recently fallen to under $20,000 over the past couple of months.

The post Token Plummets Over 20% Amid Co-Founder’s Base Departure Hint appeared first on Cryptonews.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like


Boeing’s spaceflight program may reach a significant milestone Monday night with the launch of its Starliner spacecraft, carrying — at long last — two...


Arcade chain Dave and Buster’s plan to allow customer betting isn’t winning over everyone. Software company Lucra Sports announced on Tuesday that it was working with...

Top News

It appears increasingly possible that Donald Trump could face actual jail time before we ever get a verdict in any of his four criminal...


A 17-year-old boy handed himself in to police after admitting that he attacked a German politician on Friday. Police say that Matthias Ecke, the...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 InvestorsOnRetire. All Rights Reserved.