tl;dr
Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023. Following the news, Friend.tech’s token fell sharply and is now trading at $1.02, with a 31.4% drop over the past day. Racer posted about a system design bount...
Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023. Following the news, Friend.tech’s token fell sharply and is now trading at $1.02, with a 31.4% drop over the past day. Racer posted about a system design bounty offering a $200,000 reward for devising a method to migrate Friend.tech off Base without causing significant disruptions.
Racer mentioned strained relationship with Base and a sense of exclusion from the community. Jesse Pollak, who heads Base for Coinbase, acknowledged the team's feelings and expressed support for their chosen path. The Base network has experienced surging activity, with trading volume surpassing that of competitors following Ethereum’s Dencun upgrade. The network's growth has been driven by popular projects like Friend.tech and meme coins, resulting in daily trading volumes exceeding $1 billion and significant revenue.
Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023 that supports the platform. Following the news, Friend.tech’s token fell sharply and is now trading at $1.02, with a 31.4% drop over the past day.
BASE NETWORK’S SURGING ACTIVITY
Friend.tech launched in August 2023, quickly generating hype and attracting both supporters and critics. The decentralized social network, built on Ethereum’s layer-2 scaling network Base, allows users to buy and sell “keys” linked to Twitter accounts. Coinbase’s Q1 report highlighted that trading volume on the Layer 2 network surpassed that of its competitors, especially following Ethereum’s Dencun upgrade. The growth has been driven by popular projects launching on the network, such as Friend.tech and meme coins such as dogwifhat (WIF), Book of Meme (BOME).
DeFi crypto exchanges on Base experienced daily trading volumes exceeding $1 billion, significantly narrowing the gap between the L2 and Coinbase’s main centralized exchange, which trades nearly 250 cryptocurrencies. The Dencun upgrade rapidly increased Base’s daily transaction volume and revenue, allowing it to outpace established players like Optimism and Arbitrum. This upgrade reduced costs for Layer-2 scaling chains like Base, resulting in increased user engagement and transaction volume.
According to Dune Analytics, there are currently 234,199 active addresses on Base, with 38,087 new addresses this week. Meanwhile, the network’s total profit is $42.7 million, and its total revenue is $58.67 million.
More about Emeren Group Ltd
Emeren Group Ltd develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.
Industry: MANUFACTURING
Sector: SEMICONDUCTORS & RELATED DEVICES
Employees: 111699000
Revenue: $104,671,000
EPS: $1.852
P/E Ratio: -0.0891
Market Cap: $4.88
Dividend Yield: 3.42%
Beta: 1.128