Web3 social network Friend.tech has announced a $200,000 reward for anyone who can devise a solution for it to transition from Base. This decision comes amidst a decline in the price of FRIEND, the network's native currency.

Friend Tech's Decision to Move from Base

Friend Tech currently operates its network on Base, an Ethereum Layer 2 platform developed by Coinbase Global Inc (NASDAQ: COIN). However, the team, led by the pseudonymous founder Racer, has expressed dissatisfaction with the stability of their relationship with Base.

Racer took to social media platform X to announce:

"We are offering a bounty for system design: If you can come up with a method to migrate Friend.tech away from Base without disrupting users significantly, and if it proves effective enough for us to adopt, we will reward you with $200K."

In another post, Racer mentioned that Friend.tech faced defamation from Farcaster investors during its launch due to a misunderstanding of its objectives. Since then, the network's association with the Base community has led to strained relationships and user avoidance.

In response to Racer's statements, Base contributor Jesse Pollak expressed disappointment at the potential migration of Friend.tech from Base.

"I have been a user since the beginning and have seen the team continuously innovate, experiment, and explore new avenues. From revolutionizing wallet UX to their latest product iteration (which is functioning well!) to their token economic model (fully user-owned), they are true pioneers. I hope to see a reconciliation between the broader Ethereum/base ecosystem and Friendtech – there is much potential for collaboration," Pollak commented.

It's worth noting that Racer's posts on X are no longer visible at present, leaving uncertainty about whether the founder deleted the account following the postings. Meanwhile, FRIEND has experienced a 27% decrease in value over the past 24 hours, trading at $0.9762. Its market capitalization stands at $14.25 million, with a trading volume of $10.26 million.

Friend.tech's Offerings

Launched in August 2023, Friend Tech is a blockchain-based social platform known for its token-gated chats facilitated by 'keys' tokens, which can be traded. This feature enables users to profit from the growing popularity of content creators.

Users have the ability to tokenize their social networks by purchasing shares of other users' profiles. This ownership provides a sense of community and exclusive benefits, including private messaging between the shareholder and the profile owner. Additionally, the platform generates revenue through a 5% transaction fee on internal transactions. Within 24 hours of its launch, the platform amassed over $1 million in transaction fees.

Earlier this month, Coinspeaker reported on the network's potential launch of a non-transferable token under the ticker POINTS following its V2 upgrade. With these recent developments, only time will tell if Friend.tech will ultimately migrate away from Coinbase's Base platform.