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Founder of Friend.tech Suggests Leaving Base
Falling Cryptocurrency Prices Lead to Heavy Loss for Brother Ma
Racer, co-founder of the Web3 social network Friend.tech, publicly expressed the desire to leave the Base network on a community platform today. In a post on X, he wrote:
Furthermore, Racer added that the relationship between the Friend.tech team and Base has always been unstable. In another article, he pointed out that the investors of Farcaster, another social protocol based on Base, had greatly slandered Friend.tech at the time of its launch due to a misunderstanding of their practices. They put a lot of pressure on their team and users, and since then, the relationship between the Friend.tech team and the Base community has been on a downward trend.
In response, Jesse Pollak, the head of Coinbase’s Base network, also made a post acknowledging that the Friend.tech team feels isolated from Base and the Ethereum ecosystem:
After the news broke, the native token FRIEND experienced a significant drop, falling below the $1 mark. At the time of writing this article, it has rebounded to $1.01. The price of the FRIEND token has been declining since its issuance, resulting in significant losses for many buyers who bought in at low prices and joined the liquidity pool.
According to data shared by blockchain analyst Yujin, Brother Ma (黄立成), has continuously purchased FRIEND tokens since its launch, accumulating a total of 4,873 ETH (approximately $15.35 million) worth of FRIEND tokens at an average price of $1.9. Based on the current price of $1, Brother Ma’s investment in FRIEND is estimated to have incurred a floating loss of about 47%.
