Friend.tech Co-founder Hints at Departure From Base
Friend.tech co-founder, known by the pseudonym Racer, has suggested leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023. The announcement comes as a surprise to many, affecting Friend.tech’s token price which experienced a significant drop in value.
- Racer’s Post About Bounty Reward
- Racer posted on X about a system design bounty offering a $200,000 reward to devise a method for migrating Friend.tech off Base without causing disruptions to users.
- Reward for an effective solution that can be adopted.
Racer hinted at the departure by indicating the need for a smooth transition and posted about the strained relationship between Friend.tech and Base. The project faced challenges during its launch, leading to tension within the community.
Base Network’s Growth and Activity
Friend.tech, a decentralized social network built on Ethereum’s Layer-2 scaling network Base, gained popularity quickly upon its launch. The platform allows users to trade “keys” linked to their Twitter accounts, attracting both supporters and critics.
- Surge in Trading Volume
- Trading volume on Base surpassed competitors following Ethereum’s Dencun upgrade.
- Popular projects on the network include Friend.tech, dogwifhat (WIF), and Book of Meme (BOME).
Base’s daily trading volumes on DeFi crypto exchanges exceeded $1 billion, closing the gap with Coinbase’s main exchange. The Dencun upgrade improved transaction volume and revenue, positioning Base ahead of established players like Optimism and Arbitrum.
Current statistics from Dune Analytics show a significant number of active addresses on Base, indicating growing user engagement and revenue generation for the network.
Response from Base Network Head
Jesse Pollak, leading Base for Coinbase, acknowledged the strained relationship between Friend.tech and the Base community. In a diplomatic response, Pollak expressed sadness if Friend.tech chose to leave but affirmed respect for their decision.
- Pollak’s Reaction
- Acknowledged feeling “isolated” and “disconnected” by Friend.tech’s team.
- Expressed support for Friend.tech’s chosen path, despite potential exit from Base.
The evolving dynamics between Base, Friend.tech, and other projects on the network highlight the complexities of blockchain ecosystems and the impact of such decisions on the community and market.
Hot Take: Navigating Challenges in the Crypto Ecosystem
As the crypto landscape continues to evolve, projects like Friend.tech face strategic decisions that can significantly influence market dynamics. The relationship between networks, users, and developers plays a crucial role in shaping the future of decentralized platforms.
Stay informed about the latest developments in the crypto space, as interactions between projects like Base and Friend.tech showcase the intricacies of blockchain ecosystems and the importance of community-driven innovation.
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