Friend.tech Co-Founder Hints at Departure From Base, Token Falls 30%

Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023 that supports the platform.Racer posted on X about a system design bounty offering a $200,000 reward to anyone who could devise a method for migrating Friend.tech off of Base without causing significant disruptions for users. The reward would be given if the solution proved effective enough for adoption.

The only way to migrate is to get everyone to sell their keys, have treasury reimburse losses, then start newat $1, almost no organic users, and Racer wants off base. Still holding a bag as I fell for theRacer said the relationship between the Friend.tech team and Base has been strained. In another post, they mentioned that the project faced backlash from Farcaster investors during its launch, which led to a deteriorating relationship and a sense of exclusion from the Base community.

DeFi crypto exchanges on Base experienced daily trading volumes exceeding $1 billion, significantly narrowing the gap between the L2 and Coinbase’s main centralized exchange, which trades nearly 250 cryptocurrencies. The Dencun upgrade rapidly increased Base’s daily transaction volume and revenue, allowing it to outpace established players like Optimism and Arbitrum. This upgrade, there are currently 234,199 active addresses on Base, with 38,087 new addresses this week. Meanwhile, the network’s total profit is $42.7 million, and its total revenue is $58.67 million.

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