Original - Odaily

Author-husband how

Social networking has always been the brightest pearl on the crown of the Internet and is the main position of Web2 traffic. However, Web3 social networking has not continued this tradition. It still has not identified the demand and belongs to a relatively niche existence. Although individual projects occasionally emerge, their popularity will eventually dissipate over time.

However, if the meme tokens that can best mobilize market sentiment are associated with social networking, can it bring Web3 social networking out of the predicament?

Recently, the leading Web3 social protocol Farcaster may be able to answer this question.

Farcaster is a decentralized social protocol built on Ethereum and leverages it for user identity management. The protocol uses L2 networks to promote updates among its users (Farcaster Hubs), and the official client is Warpcast. In the early days, Farcaster adopted an invitation-only system, and its users and builders were mostly VCs and Ethereum developers. Later, in October 2023, Farcaster opened license-free registration, allowing any developer to build applications.

Subsequently, on January 27 this year, Farcaster launched the interactive feature Farcaster Frame, which is an extension of the OpenGraph standard and can transform static embeddings into interactive experiences, allowing users to use polls, real-time, and other interactive features in Warpcast or any other FC client. Dynamic or interactive galleries, developers can let users interact with products through deep embedding of Warpcast feeds and simple clicks.

The launch of this feature has caused Farcaster’s DAU (daily active users) to surge, hitting new highs starting on January 26th. The picture below is the DUNE data dashboard compiled by pixelhack.

In addition to the protocols own update function, meme tokens also played an important role in DAUs new high. The designers originally thought that this new feature would become a supplementary sales channel for NFT creators, but it unexpectedly formed an important channel for the viral spread of memes.

According to Farcaster’s popularity rankings in the past seven days, the front row is dominated by meme-spreading tweets.

In this linkage between meme tokens and Farcaster, most of the meme tokens are minted on Base, also known as Base MEME Season. This is reminiscent of Friend.tech, which also became popular on Base last year. However, the difference is that this The Farcaster concept MEME coin has emerged as a golden dog with a market value of hundreds of millions - Degen.

Degen was born out of the Warpcast coin issuance wave some time ago, but Degen’s token acquisition method integrates Farcaster and memes more thoroughly, so it stands out in this meme wave.

Degens model is actually very simple. According to its token economics, the total number of DEGEN tokens is 37 billion, all of which were minted at the time of creation. After 4 years, a permanent inflation rate of 1% per year will begin. The token distribution is as follows:

Of the 70% donated to the community, Airdrop 1 accounts for 15% (completed); Airdrop 2 accounts for 20% (in progress); Airdrop 3 accounts for 25%; 10% is used for liquidity mining.

Of the 15% used for project development and ecological construction, 10% is locked until July 8, 2024, and 5% vests within two years. The remaining 15% is held as LPs.

In the airdrop phase 1, users posted on Warpcast with token symbols and the number of posts for airdrop, which has now ended.

Airdrop 2 is currently open. Airdrop 2 pays more attention to the interaction between users. Users earn points by receiving tips from others on Farcaster. The tips come from the official limit given to your account every day. You can see it by linking your wallet to the Degen website. .

On the Warpcast platform, Degen’s social channel has been followed by 13,000 people. After the DEGEN token was listed on Uniswap on January 7, the token price has increased by more than 5,000 times. The current price has fallen back to 0.002615 USDT, and the market value has fallen below $100 million.

In addition, the tokens FAR and SPAM were also born at the same time as Degen. The tokens have shown a certain degree of rise, or are affected by the wealth effect of DEGEN. Farcaster is filled with a large number of various meme tokens, such as FRAME and CAST. , POINTS, etc.

Here, Odaily suggests that users can useFarcaster Dune Data DashboardSee which meme tweets are more popular to judge the popularity of the project.

The linkage between Farcaster and meme tokens seems to allow the community to see another way out for Web3 social networking. Instead of thinking about replacing Twitter and Facebook, it is better to focus on crypto-native concepts and find its own path in the crypto world, such as becoming a meme token social launcher. platform.

Although Farcaster has never actively cooperated with memes, especially the official client Warpcast, which has also faced performance degradation caused by traffic impacts, at least its popularity has increased with memes. According to Apple Store data, the number of downloads of Warpcast App is currently at the top of the free list Ranked 38.

At the same time, Farcaster series clients are also gaining attention in the craze, including: audio social application Aburra, information flow creation and sharing application Discove, Farcord with an experience close to Discord, questionnaire application FarQuest, etc.

But how long can this wave of meme popularity last, and can it become the main frontier of meme gameplay? We dare not have high expectations for the meme-linked SocialFi platform yet.