Web3 Social New Story: Meme's Launching Pad.
Author: Fu Ruhe, Odaily Star Daily
Social media has always been the shiniest gem on the "crown" of the Internet, the main battlefield for Web2 traffic. However, Web3 social media has not continued this tradition, still failing to find the right demand and remaining a relatively niche existence. Although there are occasional projects that rise unexpectedly, they will eventually lose their popularity over time.
However, can linking meme tokens, which are most capable of stirring market sentiment, with social media help Web3 social media break out of its predicament?
Recently, the leading Web3 social protocol Farcaster may be able to answer this question.
Farcaster is built on Ethereum and uses it for decentralized social protocol 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 operated on an invitation basis, with users and builders mostly being VCs and Ethereum developers. However, in October 2023, Farcaster opened up for permissionless registration, allowing any developer to build applications.
Subsequently, on January 27th of this year, Farcaster launched the interactive feature Farcaster Frame, which is an extension of the OpenGraph standard that can transform static embeds into interactive experiences, allowing users to use polls, real-time updates, or interactive galleries on Warpcast or any other FC client. Developers can interact with products through deep embedding in the Warpcast feed and simple clicks.
The launch of this feature has led to a sharp increase in Farcaster's Daily Active Users (DAU), continuously breaking new records starting from January 26th. The following image is a DUNE data dashboard compiled by pixelhack.
In addition to the protocol's own updated features, meme tokens have also played a significant role in the surge of DAU. 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 viral meme dissemination.
According to the recent 7-day popularity rankings of Farcaster, the top positions are all occupied by meme dissemination tweets.
In this joint promotion of meme tokens and Farcaster, most meme tokens are minted on Base, also known as Base MEME Season. This inevitably brings to mind the similar explosion of Friend.tech on Base last year. However, the difference is that this time, the concept MEME coin of Farcaster has given birth to the "golden dog" Degen, which has a market value of over one billion.
Degen was born during the recent Warpcast coin issuance frenzy, but its token acquisition gameplay integrates Farcaster and meme more thoroughly, making it stand out in this wave of meme frenzy.
The model of Degen is actually quite simple. According to its token economics, the total supply of DEGEN tokens is 37 billion, all minted at the beginning, and a permanent inflation rate of 1% per year will begin after 4 years. The token distribution is as shown in the following figure:
Of the 70% allocated to the community, Airdrop 1 accounts for 15% (completed); Airdrop 2 accounts for 20% (in progress); Airdrop 3 accounts for 25%; and 10% is used for liquidity mining.
Of the 15% allocated to project development and ecosystem construction, 10% is locked until July 8, 2024, with 5% distributed within two years. The remaining 15% is used as LP.
In the first stage of Airdrop 1, users posted on Warpcast with token symbols, and the number of posts determined the airdrop, which has now ended.
The second stage of Airdrop 2 is currently underway, focusing more on interaction between users. Users can earn points by receiving tips from others on Farcaster, with the tips coming from the daily quota given to your account by the official platform. Simply link your wallet to the Degen website to see it.
On the Warpcast platform, the Degen community channel already has 13,000 followers. After DEGEN tokens went live on Uniswap on January 7th, the token price surged by over 5000 times at its peak, but it has now fallen to 0.002615 USDT, with a market value of less than 100 million US dollars.
In addition, tokens FAR and SPAM were also born around the same time as Degen, and the tokens have all shown a certain degree of increase, possibly due to the wealth effect of DEGEN. Farcaster is filled with a variety of meme tokens such as FRAME, CAST, and POINTS.
In this regard, Odaily Star Daily suggests that users can use the Farcaster Dune data dashboard to see which meme tweets are more popular, in order to judge the project's popularity.
The linkage between Farcaster and meme tokens seems to show the community another way out for Web3 social media. Instead of trying to replace Twitter and Facebook, it is better to focus on native cryptographic concepts and find its own path in the encrypted world, such as becoming a social launching platform for meme tokens.
Although Farcaster has never actively cooperated with memes from start to finish, especially with the official client being Warpcast, which has faced performance declines due to traffic impact, at least its popularity has risen with memes. According to Apple Store data, the current download volume of the Warpcast App ranks 38th on the free list.
At the same time, Farcaster's client-side applications have also gained attention in the frenzy, including: the audio social app Aburra, the information flow creation and sharing app Discove, the Farcord experience similar to Discord, and the survey app FarQuest.
However, how long this wave of meme popularity can last, and whether it can become the main battlefield for meme gameplay, we dare not have high expectations for the linkage of memes and SocialFi platforms at the moment.
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