Bittime - Friend.tech's Web3 token fell 20% after Racer founder announced he wanted to leave Base Chain. Racer also offers a $200K seamless migration solution. In response, Coinbase's Jesse Pollak supported the decision.
Friend.tech Price Drops One of Racer's Founders Announces Leaving Base Chain
Friend.tech's native Web3 token fell sharply today after Racer, one of the protocol's founders, publicly stated it wanted to leave Base, the Ethereum Layer-2 network created by Coinbase that hosts the project. The Friend.tech token, which was recently launched as part of the social network's version 2 launch, fell by more than 20%, according to The Block's pricing page.
Racer told about the system design prize, in X's post that he would give $200K if he could find a way to migrate friends.tech from Base without causing major problems for users, and it worked so he decided to use it.
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Racer's Post on Account X States Friend.tech's Relationship with Base is Unstable
Racer stated that Friend.tech's relationship with Base was unstable. "Far stupider investors defamed us when we launched because they misunderstood what we were doing," he said.
“Really pushed the team and their users, and since then our relationship has only gotten worse as we have been excluded from anything aimed at Base Chain,” the racer said in another post. On Sunday, there were certain times when Racer's posts could not be seen and it was unclear whether his account was deleted after the post or not.
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Jesse Pollak's response to Friend.tech
In diplomatic fashion, Jesse Pollak, who heads Base for Coinbase, acknowledged that Friend.tech members feel isolated and disconnected from some parts of the Base and Ethereum ecosystems.
Pollak wrote, "I will be sad if the team decides to leave Base, but I also respect and will support any path. That is the beauty of a decentralized, on-chain economy."
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Conclusion
The price of Friend.tech's Web3 token fell about 20% after Racer, one of the founders, announced that he wanted to leave Base, the Ethereum Layer-2 network created by Coinbase that hosts the project. Racer stated that Friend.tech and Base do not have a stable relationship and offered a $200K reward for a successful migration solution.
Despite the isolation among Friend.tech members, Coinbase's Jesse Pollak expressed that he was sad about the possibility of them leaving, but he respected the decision, saying that it shows the flexibility and decentralization of the on-chain economy.
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