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Farcaster's new interactive feature and meme linkage helped SocialFi overcome its difficulties?

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Web3 social new story: Meme launching station.

Original Title: "When SocialFi Represents Farcaster's Update, Memes Take Notice and the Plot Takes a New Direction"

Original Author: Fu Ruhe, Odaily Star Planet Daily

Social networking has always been the most shining pearl on the crown of the Internet, and it is the main battlefield for Web2 traffic. However, Web3 social networking has not continued this tradition, and it still has not found its demand, and belongs to a relatively niche existence. Although there are occasional projects that stand out, they will eventually fade away with time.

However, if the most emotionally charged meme tokens are associated with social media, can it help Web3 social media out of its 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 utilizes it for user identity management. The protocol promotes updates among its users (Farcaster Hubs) using L2 networks, and the official client is Warpcast. In the early days, Farcaster was invitation-only, with users and builders mostly being VC and Ethereum developers. Later in October 2023, Farcaster opened up for permissionless registration, allowing any developer to build applications.

Later, on January 27th of this year, Farcaster launched an interactive feature called Farcaster Frame, which is an extension of the OpenGraph standard that transforms static embeds into interactive experiences. This allows users to use polls, real-time updates, or interactive galleries in Warpcast or any other FC client. Developers can enable users to interact with their products through deep embedding in the Warpcast feed and simple clicks.

The launch of this feature has led to a surge in Farcaster's DAU (daily active user count), which has been continuously breaking new records since January 26th. The following image is a DUNE data dashboard compiled by pixelhack.

DAU's new high is not only due to the protocol's own updated features, but also thanks to the meme token. The designer originally thought that this new feature would become a supplementary sales channel for NFT creators, but it unexpectedly became an important channel for the viral spread of memes.

According to the popularity rankings of Farcaster in the past 7 days, the top positions are all occupied by meme spreading tweets.

During this meme token and Farcaster linkage, most meme tokens were minted on Base, also known as Base MEME Season. This reminds people of Friend.tech, which also exploded on Base last year. However, the difference is that this Farcaster concept MEME coin has a market value of over one billion, known as "Degen".

Degen was born during the recent coin issuance wave of Warpcast, but its token acquisition gameplay integrates Farcaster and meme more thoroughly, making it stand out in this meme craze.

The mode of Degen is actually very simple. According to its token economics, the total amount of DEGEN tokens is 37 billion, all of which were minted at the genesis. After 4 years, there will be a permanent inflation rate of 1% per year. The token distribution is shown in the following figure:

In the 70% donation 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.

15% is used for project development and ecological construction, 10% is locked until July 8, 2024, and 5% will be vested within two years. The remaining 15% is used as LP.

During the first phase of the airdrop, users posted on Warpcast with the token symbol and the number of posts to participate in the airdrop. This phase has now ended.

Currently, the second phase of the airdrop has been launched. Airdrop 2 focuses more on interaction between users. Users can earn points by receiving tips from others on Farcaster. The tips come from the daily official quota given to your account. Simply link your wallet to the Degen website to see them.

On the Warpcast platform, the Degen community channel has attracted 13,000 followers. The DEGEN token, which was listed on Uniswap on January 7th, has seen a maximum price increase of over 5000 times, but its current price has fallen to 0.002615 USDT, and its market value has dropped below 100 million US dollars.

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

Here, Odaily recommends that users can use the Farcaster Dune data dashboard to see which meme tweets are more popular, in order to judge the popularity of the project.

The linkage between Farcaster and meme tokens seems to offer the community another way to approach Web3 social networking. Instead of trying to replace Twitter and Facebook, it is better to focus on the native concepts of cryptography and forge a path of our own in the world of cryptography, such as becoming a social launch platform for meme tokens.

Although Farcaster has never actively cooperated with meme, especially the official client Warpcast is also facing performance decline due to traffic impact, at least its own popularity has risen with meme. According to Apple Store data, the current download volume of Warpcast App ranks 38th in the free list.

Meanwhile, the Farcaster client has also gained attention in the industry, including audio social application Aburra, information flow creation and sharing application Discove, Farcord with a similar experience to Discord, and FarQuest, a questionnaire application.

However, how long can this wave of meme heat last, and whether it can become the main battlefield of meme gameplay? We are not yet confident in having high expectations for the meme linkage SocialFi platform.