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Following
ETH Brother Ma Ji offered US$1 million to restart Friend.tech, and FRIEND token soared 3000%
Machi Big Brother proposed to buy and restart Friend.tech for US$1 million. This news caused the long-silent SocialFi project FRIEND token to surge by thousands of percentage points in a few hours.
Huang Licheng, who goes by the pseudonym "Ma Ji", said that when he made a $1 million takeover offer to anonymous founder Racer and early investor Paradigm, the market value of Friend.tech was less than $300,000. He proposed using FRIEND's existing Base chain contract to restart through a community takeover (CTO) approach.
After the proposal was released, FRIEND's market value once exceeded US$9.9 million, and then fell back. The current market value of the token is approximately US$5.7 million, and the 24-hour trading volume is approximately US$1.4 million, which is still more than 3000% higher than the level before the restart proposal.
Friend.tech contracts cannot simply take over
Friend.tech will be launched in August 2023, becoming one of the first mainstream consumer applications on the Base chain. Users can buy and sell "keys" bound to their personal accounts, and hold the key to enter private chats. A handling fee will be incurred for each transaction.
After the issuance of the FRIEND token and the launch of the V2 version, the agreement generated a total of approximately US$64.3 million in handling fees, and its activity dropped sharply.
Community restarts face significant technical constraints. Friend.tech has permanently set its administrator and ownership parameters to zero addresses in September 2024, making contract fees or features no longer possible to be modified. Although the stand-alone web client can still run, it is no longer possible to restore control of deployed contracts through the original administrator function.
Therefore, Maji's proposal does not directly restore the management rights of the original system, but requires building a new community-led front-end, additional contract or other structure around existing FRIEND assets.
Maji had previously invested US$16.7 million to purchase FRIEND
Maji had a long history with FRIEND tokens. During 2024, he spent approximately 5200 ETH (worth US$16.7 million) to purchase approximately 11.1 million FRIEND, but as platform activity disappeared, the value of this position shrank significantly. By September 2024, these positions will be worth only about US$700,000.
Just days before his most recent push for a restart of Friend.tech, a highly leveraged Ethereum transaction also underwent a dramatic reversal. Ma Ji turned about $100,000 in his Hyperliquid account into $9.5 million when ETH exceeded $2500.
The Base chain has undergone tremendous changes since the initial popularity of Friend.tech. Coinbase's network has developed a broader SocialFi market around projects such as Zora, and social content and token issuance are increasingly integrated in consumer applications.
FRIEND liquidity regression after restart proposal
The FRIEND contract mentioned in Ma Ji's tweet currently has approximately 94.9 million tokens in circulation, distributed in approximately 85,000 addresses. The latest market data shows that in its largest active Uniswap V2 liquidity pool, the combined liquidity of FRIEND and WETH is approximately US$435,000.
FRIEND had a market value of less than US$300,000 before the start of this round of trading, and once approached a valuation of US$10 million, before falling back to the US$5 million to US$6 million range. Racer and Paradigm have not announced any acquisition agreements or plans to restart Friend.tech.
