How should Farcaster, which gave birth to the encrypted 'Pinduoduo' and even Vitalik strongly recommend it, play?

According to L2BEAT data, Degen Chain’s transactions per second (TPS) increased by 62% on April 18, reaching 35.7 TPS, setting a record for the Ethereum ecosystem.

Interestingly, despite recording a record TPS, the average value of each transaction on Degen Chain is only $0.27, much lower than Ethereum’s 1867 USD and $170 from Base Chain. On the other hand, the fully diluted market capitalization (FDV) of the $DEGEN token has also grown from over $1 million initially to around $750 million as of today.

This kind of performance is reminiscent of pinduoduo: with low enough product prices and a simpler shopping experience, it serves more people who are "short of money" or pay more attention to cost-effectiveness consumers, attracting more new users who have never used e-commerce platforms, thereby achieving economies of scale, and the market value has increased from US$20 billion in 2018 to US$190 billion today.

Whether Degen Chain has the potential to replicate Pinduoduo’s success in the cryptocurrency world remains to be seen, but Farcaster, which gave birth to it, definitely deserves more attention.

1 What is Farcaster?

In short, Farcaster is a protocol based on the Ethereum second-layer Optimism mainnet launched by two early Coinbase employees for building decentralized social applications. Although Farcaster may still be unfamiliar to some, it has become one of the hottest topics in the U.S. crypto community over the past few months.

Warpcast is the first client application launched by the Farcaster protocol team and is currently the largest application under the protocol, with its monthly active users (MAUs) growing to 68,000 in April. Warpcast is tightly integrated with the Farcaster protocol and data: all Warpcast accounts have a Farcaster ID and store the content they generate in the Farcaster hub.

Source: Dune

Warpcast is like a Twitter and Reddit The collective can not only post posts but also join channels of interest to participate in discussions. It also supports access to mini programs (Frames) to perform activities such as minting NFTs, claiming tokens, and conducting transactions.

The meme coin $DEGEN was born out of the vibrant Degen community on the Warpcast platform. What was originally airdropped to users in the community has now become the most mainstream tipping token on Warpcast. Warpcast users are also given a daily quota of 8 $DEGEN coins to encourage content creators and increase the enthusiasm for interaction between users.

With the increase in the number of holders, the $DEGEN team launched the Ethereum third layer network (L3) Degen Chain for the issuance of meme coins, which also pointed out a way for meme coins The counterattack path from "useless case" to "useful case", from "worthless" to "valuable".

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In addition to Warpcast, there are also super under the Farcaster protocol Multiple use cases:

#At the same time, its ecosystem continues to expand. On May 2, Mirror, a decentralized blogging protocol based on Ethereum, announced its merger with former competitor Paragraph. The combined entity will be led by Paragraph founder Colin Armstrong and run on the Farcaster protocol.

The Mirror team will continue to operate as an independent company and plans to launch "Kiosk", a platform based on the Farcaster protocol that integrates social and crypto asset trading.

2 How to use Warpcast?

1. Unlike Twitter, where timelines are flooded with spam and advertisements, Warpcast has set a higher barrier to entry. To use Warpcast, there is a $5 fee per new user. If you enter via a friend's invitation link, it's only $3. This fee is mainly used for data storage and spam filtering to ensure the cleanliness of the platform and data security.
2. Buy Warp . After downloading the Warpcast app from the App Store, you can purchase the in-app currency Warp. These currencies will be used to carry out specific actions, such as creating your own channel. The cost to create a channel is 2500 Warps, which is equivalent to $25/year. If you don't have these requirements, you don't need to purchase a Warp.
3. Post content and interact: Once you become a user, you are free to post content and interact with other users. If you require more posts or storage space, additional fees will apply. At the same time, there are also some channels that require users to pay a certain amount of Warp to post and leave comments.
4. Invite Friends Click: Warpcast also encourages users to expand the community by inviting friends. For every new user you invite, you will receive a reward of 50 Warp, which can be used to pay for services on the platform.

By following these steps, you can not only enjoy an ad-free social experience, but also ensure that your community remains high-quality and active. Through this unique mechanism, Warpcast provides users with a purer and more focused communication space.

Warpcast does not require you to have a cryptocurrency wallet to register and use it, but if you want to use advanced features such as tipping, you need to bind your wallet to your Warpcast account.

3 Who are the people and channels that newbies can follow?

1. Vitalik Buterin (@ vitalik . eth ) , God V is of course the first on the list of concerns.

2. Dan Romero (@ dwr . eth ) and Varun Srini v asan (@ v ) , the two co-founders of Farcaster

3. Jesse Pollak (@jessepollak) , the creator of the L2 Base Chain launched by Coinbase, is also the second most followed account on Farcaster. Base is one of the main channels on Farcaster with over 219,000 followers.

4. Li Jin (@ li) , former a16z partner, now founder of Variant Capital, has handled MagicEden, Mirror, Phantom, etc. project.

5. The Degen channel (/degen) that gave birth to $DEGEN and Degen Chain has 78,300 followers.

6. Farcaster Channel (/farcaster) hosted by Dan and Varun, has 192,000 followers. If you like the Chinese community, you can follow HuPengGouYou channel (/hpgybtc), which has more than 800 followers.

7. You can also follow the two chefs in the crypto kitchen, me (@ Degenmeow ) who lives in New York and Jean (@ jeanchen ) who lives in Shanghai. From time to time, we will share some cryptocurrency views, cat daily routines, meme pictures, or hold events.

4 God V is optimistic about Farcaster and Friend.tech making waves again, is the popularity of SocialFi ignited again?

On May 3, Friend.tech, the Web 3.0 social platform that was unparalleled last summer, airdropped $FRIEND tokens to its users. Shortly after its launch, it soared to a high of $167, which was a huge blow to the Farcaster leading meme. The price of the coin $DEGEN caused quite a few shocks.

There has been a lot of discussion about whether the SocialFi craze is back. In fact, SocialFi, which combines social networks with decentralized finance, is very important for the mass adoption of cryptocurrencies:

For example, it is easier to use and its natural social attributes can attract more users to join. and understand cryptocurrencies; use tokenization to reward user contributions and incentivize participation and investment in cryptocurrencies; utilize blockchain-based governance tools to strengthen community building and create a collaborative and transparent environment, etc.

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Although attempts in the SocialFi field are frequent, most of them are short-lived. How to retain users is still the key to long-term success. .

Friend.tech, which has always been called "speculative", experienced a sharp decline in platform activity a few months after reaching a fever pitch last year and has not been able to recover to this day. Although the recent airdrop token attracted temporary attention, due to lack of liquidity and selling frenzy, the price of the coin soon plummeted from $167 to about $2.

V God has also previously criticized Friend.tech, believing that its way of replacing real social interaction with financial speculation is the reason for its failure. He believes that, similar to GameFi, SocialFi should also focus on "fun" rather than "speculation."

At the same time, user engagement, content quality, reward mechanism, and various games and NFT minting experience provided through mini programs (Frames) on the Farcaster platform It left a deep impression on V God. He’s optimistic about Farcaster, predicting the platform won’t be phased out of the market anytime soon, and emphasizing the importance of truly interesting content and community building.

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