Original | Odaily Planet Daily
Author | Nanzhi
Early this morning, Racer, co-founder of the friend.tech protocol, posted on the X platform: “A system design bounty: If you can find a way to migrate friend.tech from Base without causing major problems for users, and it works well enough, we decide to use it and will pay you $200,000.”
At 0:00 am, the price of FRIEND was about 1.25 USDT. After the news was released, it dropped to 0.948 USDT. Todays lowest point was 0.9 USDT, with a maximum drop of 28%. It has now rebounded to around 1 USDT. In addition, friend.techs current TVL is 11.14 million US dollars , a single-day drop of 8.96%, and a drop of 67.3% in the past month.
what happened?
Why did Racer want to leave Base? Racer explained in another post: The relationship between the friend.tech team and Base has been rocky. Farcasters investors were smearing us when we launched because they misunderstood what we were doing. They put a lot of pressure on the team and users. Since then, our relationship has gone downhill and we have been ostracized by the Base community.
Base head Jesse Pollak responded and released goodwill : My thoughts on this are: I like @0x RacerAlt and @friendtech , they are constantly innovating at the limits of @base and pointing the way for the industry. Their products were wrongly labeled as negative speculation by some parts of the broader ecosystem (including Base and Ethereum) in the early days. This naturally made them feel quite isolated and out of touch very early on. I actively observed this situation, thought it was bad, and knew I could do more. I have been a user since day one and have seen the team constantly iterate, experiment, and try new things. From changing the game with their wallet user experience, to their latest product iteration (which is working), to their token economic model (100% owned by users). They are indeed pioneers. I hope to see the relationship between the broader Ethereum/Base ecosystem and friend.tech repaired . I would be sad if the team decided to leave Base, but I also respect and support whatever path they choose.
Base has experienced several phenomenal growths. The first round came from the meme coin BALD, and the second round was friend.tech. ft has made an indelible contribution to Base. Although the high taxes and frequent RUGs have long been criticized by the community, perhaps this is what Jesse refers to as the negative speculation label. According to some community members, compared with some favorite projects, ft has been neglected and out of place, but the truth of the matter is still unknown. As of the time of posting, there has been no further response from Racer personally, but according to Odailys investigation, the official X account of friend.tech liked the above tweet sent by Jesse , or has communicated privately.
Community Response
X platform big V Ansem issued a post to support friend.techs migration to Solana : The reason friend.tech will reach $10 billion in this cycle is that everyone has seen the possibilities of Memecoin and will eventually want to use their social capital to launch some kind of currency. We have already seen celebrity NFT and cryptocurrency promotion.
The current platform may still need some adjustments, and if it can be ported to Solana, it may be possible to more thoroughly reduce friction and improve accessibility for ordinary users. But if the concept of social tokens is executed correctly, its minimum market value will reach more than $10 billion.
In addition, there are calls for migration to Blast, and some developers have even seriously designed very detailed migration technology routes and plans for friend.tech.
There are also many pessimistic voices. Some users believe that Racer himself is the biggest problem of friend.tech. @rogeravax said that Racer is either high or preparing for a big game.
in conclusion
Since the launch of the token, FRIEND has been in a downward trend except for a round of rise after the opening. For example, Huang Licheng has lost about 7.5 million US dollars on FRIEND. From the perspective of development route, people are beginning to flock to Farcaster in terms of social projects, and pump.fun and its series of imitations are in the influence economy and Meme tokens. It is not technically important on which chain friend.tech will develop after the token incentive ends. As Ansem mentioned, how to further implement the concept of social tokens, match with the unique cultural characteristics and users of each chain, and achieve competitive and moat development is the fundamental.
