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

Good friend.tech co-founder, pseudonymously referred to as Racer, has hinted at leaving Base, an Ethereum Layer-2 community launched by Coinbase in 2023 that helps the platform.

Following the information, Good friend.tech’s token fell sharply and is now buying and selling at $1.02, with a 31.4% drop over the previous day.

Racer Hints at Departure From Base

Racer posted on X a few system design bounty providing a $200,000 reward to anybody who might devise a technique for migrating Good friend.tech off of Base with out inflicting vital disruptions for customers. The reward could be given if the answer proved efficient sufficient for adoption.

The one approach to migrate is to get everybody to promote their keys, have treasury reimburse losses, then begin new

GG to this price farm. $FRIEND at $1, nearly no natural customers, and Racer desires off base. Nonetheless holding a bag as I fell for the $FRIEND to 10 psyop 😭 pic.twitter.com/39tRVb5mmM

— AzFlin (@AzFlin) May 26, 2024

Racer stated the connection between the Good friend.tech group and Base has been strained. In one other put up, they talked about that the venture confronted backlash from Farcaster buyers throughout its launch, which led to a deteriorating relationship and a way of exclusion from the Base neighborhood.

In response, Jesse Pollak, who heads Base for Coinbase, made a diplomatic put up. Pollack acknowledged that Good friend.tech’s group had felt “remoted and disconnected” from sure components of the Base and Ethereum ecosystems.

Pollack added that he could be unhappy if Base determined to go away however would nonetheless respect and assist their chosen path.

Base Community’s Surging Exercise

Good friend.tech launched in August 2023, rapidly producing hype and attracting each supporters and critics. The decentralized social community, constructed on Ethereum’s layer-2 scaling community Base, permits customers to purchase and promote “keys” linked to Twitter accounts.

Coinbase’s Q1 report highlighted that buying and selling quantity on the Layer 2 community surpassed that of its rivals, particularly following Ethereum’s Dencun improve. The expansion has been pushed by common initiatives launching on the community, reminiscent of Good friend.tech and meme cash reminiscent of dogwifhat (WIF), E book of Meme (BOME).

DeFi crypto exchanges on Base skilled every day buying and selling volumes exceeding $1 billion, considerably narrowing the hole between the L2 and Coinbase’s major centralized change, which trades practically 250 cryptocurrencies.

The Dencun improve quickly elevated Base’s every day transaction quantity and income, permitting it to outpace established gamers like Optimism and Arbitrum. This improve reduced prices for Layer-2 scaling chains like Base, leading to elevated person engagement and transaction quantity.

In response to Dune Analytics, there are at present 234,199 energetic addresses on Base, with 38,087 new addresses this week. In the meantime, the community’s whole revenue is $42.7 million, and its whole income is $58.67 million.