The token FRIEND from Friend.tech, a web3 social network, experienced a significant drop today.
This decline follows a social media post by Racer, co-founder of Friend.tech, expressing his desire to detach from Base, the Ethereum layer 2 developed by Coinbase, which currently hosts the project.
Provocative statement by Racer and repercussions
In a bold move, Racer made a public call on X, offering a reward of $200,000 to anyone who could design a system to migrate Friend.tech out of Base without causing major issues for users.
This announcement raises questions about the stability and future of the project on the Base network, highlighting an apparent crack in the relationship between Friend.tech and the blockchain.
Conflictual context with Farcaster investors
Racer also mentioned previous tensions with Farcaster investors, another entity linked to Base, who allegedly misunderstood Friend.tech’s intentions during its launch.
According to him, these misunderstandings led to a smear campaign against Friend.tech, exacerbating tensions and isolating the Friend.tech team from the Base community. These internal tensions seem to have contributed to Friend.tech’s potential migration decision.
Response from Coinbase and market reactions
In response to these tensions, Jesse Pollak, Base’s representative for Coinbase, published a diplomatic message acknowledging that the Friend.tech team felt “isolated and disconnected” from certain parts of the Base and Ethereum ecosystems. He expressed his sadness at the possibility of Friend.tech leaving Base while respecting and supporting the team’s decision, thus highlighting the decentralized nature of the blockchain economy.
