As an analyst with a background in blockchain technology and experience in following the crypto market, I’ve been closely monitoring the developments between Friend.tech and Base, particularly given Racer’s recent hints at leaving the network.
The founder of Friend.tech with the alias Racer has dropped subtle indications of his intention to depart from Base, a Layer-2 Ethereum network established by Coinbase in 2023.
Based on recent developments, the Friend.tech token has experienced a significant decline and is currently priced at $1.02, representing a 31.4% decrease in value from the previous day.
Racer Hints at Departure From Base
Reward of $200,000 is offered by user “Racer” on platform X for anyone who can come up with a solution to transition Friend.tech from its current base without causing substantial interruptions for users. The payment will be made upon confirmation that the proposed method is effective enough for implementation.
In order to transition, it’s necessary that everyone dispose of their keys, have the treasury compensate for any incurred losses, and subsequently initiate a fresh beginning.
“I regret investing in that friend’s fee farm, $FRIEND, which currently has very few organic users. Racer is also looking to leave his position there. I was deceived by the manipulation, or psyop, that drove the price of $FRIEND up to ten dollars.”
— AzFlin (@AzFlin) May 26, 2024
Racer indicated that the collaboration between Friend.tech and Base has been tense. In a different message, he revealed that the initiative encountered opposition from Farcaster investors during its unveiling, causing a rift in their relationship and leaving the Friend.tech team feeling disconnected from the Base community.
In reply, Jesse Pollak, the head of Base at Coinbase, made a tactful statement. Pollack recognized that the Friend.tech team had experienced feelings of isolation and disconnection towards certain aspects of the Base and Ethereum communities.
Pollack expressed regret if Base were to depart, yet he would continue to admire and encourage their decision.
Base Network’s Surging Activity
As a crypto investor and enthusiast, I’ve been closely following the developments in the digital currency world. In August 2023, Friend.tech made its grand entrance, causing quite a stir in the community. This innovative decentralized social network, which runs on Ethereum’s layer-2 scaling solution Base, lets users buy and sell “keys” that are connected to their Twitter accounts. Essentially, it allows for monetization of social influence while maintaining the security and transparency inherent in blockchain technology.
In Q1, Coinbase reported impressive trading volume on Layer 2 networks, significantly outpacing competitors, particularly after Ethereum’s Denver upgrade. The surge can be attributed to the launch of popular projects like Friend.tech and meme coins such as Dogwifhat (WIF) and Book of Meme (BOME).
Decentralized finance (DeFi) cryptocurrency exchanges on Base have seen impressive daily trading volumes surpassing $1 billion, bringing the volume gap between these platforms and Coinbase’s primary centralized exchange – which deals with approximately 250 cryptocurrencies – down to a minimum.
As a data analyst, I’ve observed that the Dencun upgrade significantly amplified Base’s daily transaction volume and revenue, surpassing industry titans such as Optimism and Arbitrum. This enhancement brought down costs for Layer-2 scaling chains like Base, leading to heightened user engagement and an influx of transactions.
Based on Dune Analytics’ findings, there are now approximately 234,199 active wallets on the Base network, a growth of around 38,087 new addresses in the past week. The network has generated a total profit of $42.7 million and revenue amounting to $58.67 million.
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2024-05-28 01:22