By
Mayowa Adebajo
June 17th, 2024
FRIEND is down by 27% in the last 24 hours to trade at $0.9762. The market capitalization is pegged at $14.25 million while the trading volume is $10.26 million.
Web3 social network Friend.tech has offered a $200,000 bounty to anyone who can figure out a way for it to migrate from Base. Amid this development, FRIEND, the native currency of the network, experienced a notable decline in its price.
Why Friend Tech Is Migrating from Base
Notably, Friend Tech hosts its network on Base, an Ethereum Layer 2 designed by Coinbase Global Inc (NASDAQ: COIN). However, the team led by pseudonymous founder Racer says its relationship with Base has been unstable.
Taking to social media X, Racer wrote:
“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.”
In another post, Racer stated that Friend.tech was defamed by Farcaster investors when it debuted due to a misunderstanding of what the network was doing. Racer went on to say since then, the network’s relationship deteriorated in addition to being shunned by users for its association with the Base community.
Responding to Racer’s posts, Base contributor Jesse Pollak said he would be sad if Friend.tech migrated away from Base.
“I’ve been a user since day one and see the team continually iterating, experimenting, and trying new things. From changing the game with their wallet UX to their latest product iteration (which is working!) to their token economic model (100% user-owned). They are literally pioneering. I’d love to see the relationship between the broader Ethereum/base ecosystem and Friendtech heal – I think there’s a lot of good that we could do together,” Pollak wrote.
It is worth noting that at the time of this writing, Racer’s posts are no longer accessible on X. It is unsure whether the founder deleted his account following its postings. Meanwhile, FRIEND is down by 27% in the last 24 hours to trade at $0.9762. The market capitalization is pegged at $14.25 million while the trading volume is $10.26 million.
Friend.tech’s Proposition
Launched in August 2023, Friend Tech is a blockchain-based social platform. Its main feature is token-gated chats through’ keys’ tokens that can be traded. This allows users to profit from a content creator’s growing popularity.
Users can tokenize their social networks by purchasing shares of other users’ profiles. The ownership of shares brings a sense of community and provides exclusive benefits, such as private messaging between the shareholder and the profile owner. In addition, the platform charges a 5% fee on transactions conducted within its network, contributing to its revenue stream. Within 24 hours of its launch, the platform generated over $1 million in transaction fees.
Earlier in the month, Coinspeaker reported that the network is considering launching a non-transferable token with the ticker POINTS following its V2 upgrade. With these recent developments, only time will tell if Friend.tech would eventually migrate away from Coinbase’s Base.