Friend.Tech Token Plummets 30% Amid Migration Proposal from Base

The co-founder of the decentralized social application Friend.Tech, known by the pseudonym Racer, has expressed a desire to move the protocol from the L2 network Base. The FRIEND token responded with a 32% drop. 

At the time of writing, the asset is trading at $0.96 with a market capitalization of $91.7 million. 

“If you can find a way to move friendly technology from Base without causing serious problems for users, and it works well enough to use, we will pay $200,000,” wrote Racer.

Later, the founder of Friend.Tech deleted the posts and his account on X, but a user preserved screenshots of the publications.

? Drama cực căng từ @friendtech, hóng tin bên dưới nàooo

Vào 11h đêm qua, Racer — Co Founder của Friend Tech đã hint trên X rằng khả năng Friend Tech sẽ rời Base

Racer nói FT đang bị cô lập trên Base. Từ lúc sinh ra đã bị gắn mác ponzi, scam,… nên k mấy dự án… pic.twitter.com/ei0FLXBXMB

— Phạm Ninh (@NickyPham_HC) May 27, 2024

According to Racer, the Web3 social network team’s relationship with Base has been challenging. He claims that “Farcaster investors went crazy, vilifying us” because they did not understand the project’s concept.

“[They] put a lot of pressure on the team and users. Since then, relations have deteriorated, and we have been ostracized by everything related to the ‘Base community’,” added the social network co-founder. 

Base’s lead developer, Jesse Pollak, acknowledged that the Friend.Tech team felt “isolated and disconnected” from certain parts of the ecosystem. 

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… https://t.co/m7h1cvLDJQ

— Jesse Pollak (jesse.xyz) ?️ (@jessepollak) May 26, 2024

“[The project developers] have repeatedly innovated at the edge of Base’s capabilities and shown the way for the industry — their product was initially incorrectly interpreted in the community as ‘negatively speculative’. I will be sad if the team decides to leave the network, but I also respect and will support any choice. This is the beauty of the decentralized online economy,” noted the programmer. 

On May 3, the Friend.Tech team launched the second version of the protocol along with the native FRIEND token. Initially, the coin plummeted from $169 to $1.4. 

In August 2023, less than three weeks after the project’s launch, some community members declared the project’s “death.”