FRIEND is down by 27% within the final 24 hours to commerce at $0.9762. The market capitalization is pegged at $14.25 million whereas the buying and selling quantity is $10.26 million.
Web3 social community Good friend.tech has supplied a $200,000 bounty to anybody who can work out a means for it emigrate from Base. Amid this growth, FRIEND, the native forex of the community, skilled a notable decline in its worth.
Why Good friend Tech Is Migrating from Base
Notably, Good friend Tech hosts its community on Base, an Ethereum Layer 2 designed by Coinbase Global Inc (NASDAQ: COIN). Nonetheless, the staff led by pseudonymous founder Racer says its relationship with Base has been unstable.
Taking to social media X, Racer wrote:
“System design bounty: When you can work out a strategy to migrate friendtech off of Base with out inflicting main points for customers, and it really works effectively sufficient that we resolve to make use of it, we can pay you $200K.”
In one other post, Racer said that Good friend.tech was defamed by Farcaster traders when it debuted because of a misunderstanding of what the community was doing. Racer went on to say since then, the community’s relationship deteriorated along with being shunned by customers for its affiliation with the Base group.
Responding to Racer’s posts, Base contributor Jesse Pollak mentioned he can be unhappy if Good friend.tech migrated away from Base.
“I’ve been a person since day one and see the staff frequently iterating, experimenting, and attempting new issues. From altering the sport with their pockets UX to their newest product iteration (which is working!) to their token financial mannequin (100% user-owned). They’re actually pioneering. I’d like to see the connection between the broader Ethereum/base ecosystem and Friendtech heal – I believe there’s plenty of good that we might do collectively,” Pollak wrote.
It’s value noting that on the time of this writing, Racer’s posts are not accessible on X. It’s not sure whether or not the founder deleted his account following its postings. In the meantime, FRIEND is down by 27% within the final 24 hours to commerce at $0.9762. The market capitalization is pegged at $14.25 million whereas the buying and selling quantity is $10.26 million.
Good friend.tech’s Proposition
Launched in August 2023, Good friend Tech is a blockchain-based social platform. Its important function is token-gated chats by means of’ keys’ tokens that may be traded. This enables customers to revenue from a content material creator’s rising recognition.
Customers can tokenize their social networks by buying shares of different customers’ profiles. The possession of shares brings a way of group and gives unique advantages, akin to personal messaging between the shareholder and the profile proprietor. As well as, the platform fees a 5% price on transactions carried out inside its community, contributing to its income stream. Inside 24 hours of its launch, the platform generated over $1 million in transaction charges.
Earlier within the month, Coinspeaker reported that the community is contemplating launching a non-transferable token with the ticker POINTS following its V2 improve. With these current developments, solely time will inform if Good friend.tech would finally migrate away from Coinbase’s Base.
