Original author: KarenZ, Foresight News
This week, Farcaster sparked community discussion about its limited edition NFT and ecosystem airdrop expectations for its Pro subscription service. The first 10,000 Pro subscribers can get limited edition NFTs, and the first 500 claimants in the PROCOIN token airdrop will receive a maximum value of $700, which is about 6 times the subscription cost ($120). This makes Farcaster Pro subscriptions regarded as golden shovels by some users in the community, forming a combination effect of limited benefits + potential airdrops. Some users in the community have compared PROCOIN with Degen.
Farcaster Pro subscriptions require an annual fee of 120 USDC or 12,000 Warp to be paid in the mobile app. According to Dune data, after the number of Farcaster Pro subscribers exceeded 10,000, the number of new subscriptions slowed down significantly, and the total number of subscribers is currently 10,894.
In addition to PROCOIN, what other airdrop opportunities are there for Farcaster Pro users (especially the first 10,000 subscribers)? What is the future development roadmap of Farcaster Pro?
50% of the total supply of PROCOIN airdrop
On May 29th, Beijing time, Farcaster ecosystem developer @mjc 716 announced the launch of PROCOIN tokens, which are regarded as community-led governance tokens for Farcaster Pro users. PROCOIN will be airdropped to the first 10,000 subscribers of Farcaster Pro. The rules show that the token transfer function will be opened after 500 users claim it. The way to claim it is to quote the relevant post and attach the text Ratifying @procoin governance.
Regarding the token economics design, PROCOIN airdropped 50% of the total tokens to the first 10,000 subscribers of Farcaster Pro, and the other 50% has been deposited in Uniswap V4. LP income will be fed back to subscribers to form continuous income. In addition, the first 500 token claimants will receive about 5 times the allocation, and subsequent claimants will receive 42,105 PRO tokens. The market value of PRO rose to a maximum of US$3.5 million around 10:00 today, and the market value fell back to around US$2 million at the time of writing. This means that the first 500 token claimants can sell for more than US$700. As of 12:56, 6,736 Farcaster Pro users have claimed tokens.
Regarding token utility, @mjc 716 sees the PRO generation as the beginning of the governance and coordination mechanism for the entire Farcaster community. The 75 holders with the highest token holdings will be appointed as Pro Councillors. Pro Councillors will have the privilege of posting in the upcoming Procoin Forum mini-app. The list of Pro Councillors will be adjusted dynamically, and a delegation mechanism may be introduced in the future based on changes in token trading.
10K will be airdropped to Farcaster Pro users on June 4th
Alexmasmej.eth, the founder of the on-chain short video social application 10 K (formerly Drakula), also stated that the 10 K Watch-to-Earn App (v2) will be re-launched on June 4 and will be airdropped to Farcaster Pro users.
Drakula was first deployed on Base, then left Base and changed its name to 10K in mid-May and migrated to the Solana ecosystem. The founder alexmasmej.eth also released the Watchcoin token on 10K. On the day of its release, the market value of Watchcoin once rose to over 80 million US dollars, and then fell all the way. The current market value is around 8 million US dollars.
After Farcaster added support for Solana on May 23, alexmasmej.eth said it would conduct an interesting airdrop on Solana, and now this promise is about to be fulfilled. 10K will also upgrade its economic model to cope with the robot challenge. The improved creator coin economics include:
1. Set a hard cap of $10,000 for graduation;
2. Remove the 24-hour timer to prevent market value inflation;
3. Earning points by watching requires a small purchase, etc.
The fee to claim viewing rewards is about $0.21, but 10K said that the transaction fee subsidy will be increased soon. The pre-sale mode will also be opened from application only to everyone. In the future, 10K will also support connecting to Farcaster.
It is worth mentioning that alexmasmej.eth initiated a discussion on Farcaster, asking the community whether it supports the renaming of 10K to Watchcoins, hoping to further clarify the brand positioning of the project through the name change, focusing on functions related to video content, token incentives or watch-to-earn.
Farcaster Pro Roadmap
Farcaster founder Dan Romero said, “Farcaster Pro is a key step in promoting the sustainability of the protocol. Simply raising a lot of money from investors and then burning it is not sustainable - this is just a tactic, not a strategy. If the protocol can charge an annual fee that users are willing to pay, it can get an independent budget to support things that are really important to the protocol without having to rely on any single company.”
Farcasters cumulative financing amount has reached 180 million US dollars. In May last year, it completed a financing of 150 million US dollars, led by Paradigm, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto and others.
Dan Romero said, “At present, Farcaster has adopted a pragmatic and efficient initial solution: collecting fees in a centralized way and distributing rewards through algorithms. In the next few weeks, Pro subscriptions will be converted to an on-chain permissionless model. In the long run, ideally, Farcaster hopes to upgrade the reward mechanism to a block reward model closer to Bitcoin or Ethereum - the collection and distribution of funds is completed entirely by the protocol layer.”
Farcaster Pros near-term roadmap is as follows:
a. Launch on-chain contracts/protocol upgrades for Farcaster Pro
b. Add an undisclosed benefit (to be released in the next day or two)
c. Supports 10,000 character long text Casts
d. Each Cast can be accompanied by up to 4 pictures
e. Support the function of giving away Pro subscriptions - it may be supported to give away monthly (such as $10/month)
Dan Romero emphasized that in the future, all Farcaster features will be open to all Pro subscribers, regardless of whether they own NFTs. Dan Romero emphasized that Farcaster Pro subscriptions will not increase users influence, popularity or returns.
The goal of Farcaster Pro subscription revenue is to maximize protocol revenue - all revenue will be used to reward creators and developers. Farcaster will balance the distribution of rewards over the coming months and even throughout the year to avoid a one-time large spike in rewards. Next weeks reward pool will increase, but it will not increase the full amount of Pro subscription revenue.
summary
Farcaster is regaining community attention with its new business model, exploring the sustainable development path of decentralized social networking through the combination strategy of subscription + mini app + wallet component + multi-chain support. The golden shovel attribute of Farcaster Pro is reflected in three aspects:
The scarcity of the first 10,000 subscribers: limited NFTs lock in early benefits;
Ecological returns: high returns and governance rights from community airdrops;
Promote the sustainable development of the protocol, ambush potential Farcaster airdrops in the future, and accumulate the possibility of future ecological value-added.
The Farcaster Pro limited edition NFT is not the end, but the trigger button for ecological dividends, which is expected to bring more surprises and gains to users.
In addition to airdrops to Farcaster Pro users, the Farcaster ecosystem project is also airdropping to ecosystem users. When Farcaster officially announced the addition of support for Solana on May 23, it said that it recommends users to deposit $10 SOL to increase their chances of participating in future airdrops from the Solana team.
According to Linda Xie, a member of the Farcaster team and founder of Bountycaster, circus.fun will also airdrop to Farcaster users. circus.fun will launch the Circus Protocol, while its social native token issuance platform Jestr will still retain its independent product in the Circus Protocol (JSTR tokens will soon be replaced by CIRCUS tokens). Jestr enables creators to deploy Solana tokens directly from platforms such as X and Farcaster. circus.fun said that it will then deeply integrate with Farcaster, using mini apps, embedded wallets and social graphs to make token issuance smarter, more contextual and more practical, helping creators start, manage and grow their token communities. circus.fun currently supports earning points by launching, purchasing and holding tokens on Jestr to obtain CIRCUS token allocations (ending on June 13).
