Mon, May 27, 2024 at 09:38

• 

  Joy

  • Hey Annie!

  • Have you heard about the latest drama with Friend.tech?

  • Their token, FRIEND, just took a nosedive!😱

  • 
• Annie

  • Oh no, really?

  • What happened?😮

  
• 

  Joy

  • Yeah, it dropped by about 20%!

  • This all started when one of the co-founders, Racer, said they might leave Base, the Ethereum Layer-2 network developed by Coinbase, which hosts Friend.tech.

• Annie

  • Wow, that sounds serious.

  • Why would they want to leave Base?🤔

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Joy

  • Apparently, Racer mentioned that the relationship between the Friend.tech team and Base has been pretty rocky.

  • They felt ostracized and disconnected from parts of the Base and Ethereum ecosystems.

• Annie

  • That's unfortunate.

  • Did anyone from Base respond to this?😕

  
• 

  Joy

  • Yes!

  • Jesse Pollak, the head of Base at Coinbase, responded with a message of understanding.

  • He said he'd be sad if they left but would support whatever path they choose.

  • He even praised Friend.tech for their innovation.

• Annie

  • That's a very diplomatic response.

  • But why did the token value drop so much?📉

  
• 

  Joy

  • Well, the uncertainty about Friend.tech's future on Base probably spooked investors.

  • 

  • Plus, Racer's public statements about leaving didn't help calm the market.

• Annie

  • I see.

  • How has Friend.tech been doing overall?

  • Have they been successful?📊

  
• 

  Joy

  • Actually, they've been quite successful!

  • Since launching on August 10, 2023, they've attracted over 200,000 users and facilitated a trading volume exceeding $230 million.

  • They even had a revenue spike recently, making over $500,000 on May 3rd.

• Annie

  • That's impressive!

  • What makes Friend.tech so popular?🤩

  
• 

  Joy

  • Their unique model converts user influence into tradable tokens called 'keys,' which lets users gain access to a creator's attention or influence.

  • This has attracted not just crypto influencers but also NBA players and esports personalities.

• Annie

  • That sounds really innovative!

  • But have they faced any issues?🧐

  
• 

  Joy

  • Yes, they've had some privacy concerns, especially about the potential for user doxxing.

  • The link between Twitter profiles and Ethereum addresses was a big worry, but they clarified that the leaked info was from their public API.

• Annie

  • Privacy issues are always a big deal.

  • How did the community react to that?😬

  
• 

  Joy

  • The community was concerned, but Friend.tech's transparency helped.

  • They emphasized the importance of user caution in protecting personal information.

• Annie

  • Got it.

  • Do you think this news will have a long-term impact on Friend.tech?📈📉

  
• 

  Joy

  • Honestly, this seems like a pretty big hit.

  • The uncertainty and the drop in token value could definitely hurt them in the long run.

  • Investors might be wary, and the community could lose trust.

• Annie

  • That makes sense.

  • So, would you say this is bad news for the market?😟

  
• 

  Joy

  • Yeah, I'd say it's definitely bad news.

  • The market doesn't like uncertainty, and this situation is full of it.

  • It could lead to more volatility and make investors more cautious about similar projects.

• Annie

  • Thanks for explaining everything, Joy.

  • This has been really insightful!😊

  
• 

  Joy

  • Anytime, Annie!

  • Always happy to chat about the latest news.

  • Catch you later!👋

  • To sum up, this article is considered a 😱Bearish for investors!!