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Farcaster is hot again. What other tokens in the ecosystem are worth paying attention to?

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Farcaster emphasizes user control over data and allows social data to be transferred between different applications within its ecosystem.

Original title: "Farcaster is on fire, which ecological tokens are worth paying attention to?"

Original author: Deep Tide TechFlow

Recently, the frequent topic mentioned in the cryptocurrency market is Farcaster.

As a social protocol built on the Ethereum network and based on OP Stack, users can register with an Ethereum wallet.

Its interface and functionality appear similar to Twitter, but compared to traditional Web2 platforms, Farcaster emphasizes user control over data and allows social data to be transferred between different applications within its ecosystem.

As early as 2021, Farcaster had completed a $30 million angel round of financing led by A16Z, and Vitalik and other core figures in the encryption industry often express their views on it.

What is making Farcaster hot again today?

From the perspective of developers, Farcaster recently launched a new feature called Frame, which can turn any cast (you can think of it as Farcaster's tweets or posts) into an interactive application. This new feature brings more possibilities to the Farcaster ecosystem, including an embedded airdrop checker and one-click gas-free NFT minting in casts.

That is to say, Frame easily attracts encryption developers and paves the way for more innovative encryption formats.

On the user side, the token airdrop on Faracaster further spreads the wealth effect, and more users are trying to speculate because of the early airdrop gains of some people.

Under multiple stimuli, the number of users, posts, and activity of Farcaster have significantly increased. The mobile warpcast once crashed and could not log in, and this sign may have opened up a new opportunity for the rotation of narrative hotspots.

What tokens and projects are still worth further attention in the current Farcaster ecosystem?

$Degen: Facaster's meme dragon head

As its name suggests, this token is more associated with speculation, and is currently the leading token in the Farcaster ecosystem.

The origin of this token is very simple. Users who engage in activities such as speaking in Farcaster's degen channel may receive $Degen token rewards.

Essentially, Degen is a MEME token that encourages crypto degens to discuss speculative information on Farcaster. However, Degen has recently emerged from the crowd of airdropped tokens and become a focus of attention in the crypto media.

Tokens are generated on the Base chain, and the current market value of Degen has reached 110 million US dollars, with a huge surge in price in the last 24 hours.

And around January 26th, the price of Degen was only 0.0002 USD, and now it has risen nearly 15 times.

In the token economics of Degen, 15% of the total token supply has already been airdropped, and there will be around 20% more airdrops in the next phase. Therefore, actively participating in the Degen channel may increase the chance of receiving more airdrops. As the leading project in the Farcaster ecosystem, MEME, it is also a good choice to pay attention to the performance of the Degen secondary market itself.

$ Frame: Token with the Same Name as Frame Functionality

The token named after the Frame feature recently launched by Farcaster has a market value of less than $7 million, which is far from $DEGEN, but also means more opportunities.

The token was initially created on Base on February 2nd for an experiment to test the functionality of Frame on Farcaster, but it later evolved into a symbol more closely related to MEME.

Currently, $FRAME will be used to provide grants, bounties, and rewards to builders in the Farcaster ecosystem, especially those using Frames for construction. However, the airdropped tokens have already been claimed, and currently can only be purchased on secondary markets such as Uniswap.

$Cast: A Token with the Same Name as the Posting Function

In the Farcast app warpcast, every post you make has a button called "cast" that you can click to send your post.

Therefore, cast is similar in meaning to tweeting and is also one of the core functions of Farcast. Similarly, MEME is ubiquitous, and the $CAST token, which shares the same name as this function, has begun to appear. As of the time of writing, its market value is only $40,000.

Please note that the risks and rewards of tokens that are forcibly bound to a layer concept coexist, and they may attract attention instantly or be quickly forgotten. However, just like the early dominance of inscriptions in naming, the earlier the binding to the core concept, the easier it is to attract attention and interest.

For smaller market cap tokens, there are similar ones like $Far (a tribute to the name Farcaster), please DYOR.

$Points: A MEME Born from Jokes and Old Trees Blossoming

As early as December last year, Twitter user Kyle McCollom posted a tweet predicting the emergence of a MEME coin called Points, which was destined to fail.

This seemingly casual tweet was implemented by a crypto industry OG Matthias. He deployed a contract, initiated a $Points token airdrop to Farcaster users, and created a minting frontend.