Blockchain News Token Crashes as Co-Founder Hints Exit from Base

The value of the FRIEND token, native to the decentralized social network, has seen a major drop.

The downturn followed comments from Racer, the protocol’s co-founder, who suggested moving the project away from Base, the Ethereum Layer-2 network created by Coinbase. 

Racer offered $200K for anyone who could find an effective way to move off the Base network without significant user disruption.

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Racer noted that misunderstandings by Farcaster investors at’s launch led to tension with the Base community. This situation caused the team to feel isolated and disconnected from parts of the Base and Ethereum ecosystems.

Racer’s comments led to a nearly 30% drop in the value of the token.

Jesse Pollak, the creator of Base, acknowledged these issues and expressed his support for’s decisions.

Despite this setback,, launched on August 10, 2023, remains one of the leading decentralized applications (dApps) on the Base network. The platform’s model, which converts user influence into tradable tokens known as “keys,” has drawn interest from crypto influencers, NBA players, and esports personalities.

However, the platform has previously faced challenges, including privacy concerns about potential user doxxing due to the link between Twitter profiles and Ethereum addresses. has responded by clarifying that the alleged leaked information was accessible via their public API.

Overall, the drop in the value of the FRIEND token highlights’s tensions with the Base community, despite the platform’s continued popularity and unique model.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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