The native token of Web3 social network Friend.tech, known as FRIEND, has experienced a significant decline in value. This drop came after one of the protocol's co-founders, Racer, expressed intentions to part ways with Base, the Ethereum Layer-2 network developed by Coinbase that hosts the project. The tumultuous relationship between Friend.tech and Base has been a subject of concern for investors, leading to a 20% drop in the token's value.

Friend.tech, launched on August 10, 2023, has become one of the top decentralized applications (dApps) on the Base layer, attracting over 200,000 users and facilitating a trading volume exceeding $230 million. The platform uniquely converts user influence into tradable tokens known as "keys," allowing users to gain access to a creator's attention or influence. The model has attracted not only cryptocurrency influencers but also NBA players and esports personalities, broadening its appeal beyond the crypto space.

However, the platform has faced privacy concerns, particularly regarding the potential for user doxxing due to the link between Twitter profiles and Ethereum addresses. Friend.tech has addressed these concerns by clarifying that the information deemed leaked was actually from their public API, showcasing the platform's open nature while also highlighting the importance of user caution in protecting personal information.

Despite the recent decline, Friend.tech has seen an uptick in popularity, with revenue exceeding $500,000 on May 3. This came as its revenue had recently fallen to under $20,000 over the past couple of months. The situation highlights the volatile nature of the crypto space, where relationships between projects and networks can significantly impact token value.

Investors and users alike should stay informed and cautious as the situation evolves, considering the potential implications of Friend.tech's departure from Base. The platform's innovative model and growing user base suggest potential for recovery and growth, but the recent developments serve as a reminder of the risks and uncertainties in the crypto market.