Original | Odaily Planet Daily

Author | Wenser

As the most popular L2 network in 2024, the Base ecosystem has successively launched two major social protocols, Friend.tech and Farcaster. The former experienced a period of silence after the heat in August last year, but recently attracted a lot of attention in the market again with the launch of the FRIEND token and the V2 version, bringing the Club gameplay. The latter, initially built on the OP ecosystem, has gradually carved out its own "social forum path" by leveraging the Base ecosystem, launching the Frame application in January 2024, and taking advantage of the meme coin craze including DEGEN.

Today, Odaily Planet Daily will lead everyone to take a look at the performance of these two popular products in the SocialFi track, Friend.tech and Warpcast (underlying protocol Farcaster), from a data perspective.

I. Basic Data: User Count + Protocol Revenue

According to Dune data, the total number of users of Friend.tech is 909,861 independent addresses, and the protocol revenue is 17,056.5 ETH (approximately $54.647 million). Of course, this data is from August 2023 to early May 2024, with a total duration of about 9 months.

https://dune.com/msilb7/friendtech-on-base-activity

According to Dune data, the total number of users of Farcaster is 344,474 independent users, and the protocol revenue is $1.234 million. It is worth noting that the protocol revenue data for Farcaster started in early October 2023. Compared to the situation where Friend.tech was extremely popular and received a lot of transaction fees as soon as it went online, Farcaster's protocol revenue was only a few thousand dollars in the early stage, which can be said to be a huge gap.

https://dune.com/queries/3397864/5702593

II. Advanced Data: Inflow Assets + Trading Data

After understanding the basic aspects of the two social products, we can further compare the inflow asset data and trading volume data of the two.

According to Dune data, the total inflow assets of Friend.tech are 31,877.59 ETH (approximately $102 million), with a total trading volume of 13,681,507 times.

https://dune.com/msilb7/friendtech-on-base-activity

The statistics of Farcaster's asset inflow data are somewhat difficult. Currently, data analysis platforms such as Dune do not have corresponding panels and accurate data. However, if each registered user of Warpcast wants to join some paid channels, they need to purchase $25 worth of Warp as an in-app token, with an exchange rate of about 1:100. Based on 381,544 independent addresses, the total inflow assets can be roughly estimated to be $9.538 million. As Farcaster's protocol supports both on-chain and off-chain client applications, including Warpcast, and according to related data, the number of posts in the Farcaster ecosystem is around 1.26 million, so we will not delve too much into the trading volume data related to Farcaster here.

https://dune.com/pixelhack/farcaster

III. Advanced Data: Token Data + Daily Active Users

Based on the above data comparison, perhaps the most important data comparison should be the difference between the token data and daily active user data of the two. The former represents the current market attention and the number of deeply involved participants, while the latter represents the long-term development direction of the project and product, as well as the number of loyal fans.

According to Coingecko data, the current price of the Friend.tech token FRIEND is $2.67, with a total circulation of 90.91 million and a total market value of $242 million.

Coingecko website screenshot

The Farcaster protocol has not issued a corresponding token, so we will use the DEGEN token, which is widely used in the Farcaster ecosystem, as a comparison object.

According to Coingecko data, the current price of DEGEN is $0.02138, with a total circulation of 36.96 billion and a total market value of $266 million.

Screenshot of Coingecko website

In terms of daily active users, according to TheBlock website data, the average daily active users of Friend.tech have dropped from nearly 80,000 users in mid-October last year to around 3,000 people currently (1360 independent sellers, 1640 independent buyers).

TheBlock statistics interface

The average daily active users of Farcaster show a steady growth trend. According to Dune data, the current number of original creators in the Farcaster ecosystem is approximately 38,500, with an overall active user count of around 43,000.

Farcaster daily active user data interface

It is worth noting that according to Farcaster founder Dan Romero's post on X platform, Farcaster reached a record high of 85,000 daily active users in April, and achieved milestones such as "daily active users exceeding 70,000" and "monthly active users surpassing 200,000" in the first month.

Conclusion: Friend.tech has better profitability, while Farcaster has more loyal fans

Based on the above data comparison, we can tentatively draw the following conclusions:

• In terms of profitability, Friend.tech achieved a higher profit ratio through higher Key and Club transaction taxes, thereby gaining more protocol revenue.

• In terms of product cycle, although Farcaster's ecosystem went online earlier than Friend.tech, in terms of the Base ecosystem entry time cycle, Farcaster's development is later than Friend.tech. In other words, Friend.tech has a certain first-mover advantage, and the product has entered the V2 version with Club speculation. Farcaster mainly relies on the construction of different applications and channels within the ecosystem, so the product cycle development is relatively slow.

• In terms of loyal fans, the number of loyal fans in the Farcaster ecosystem is much larger than that of Friend.tech. This is not only due to the relatively higher entry barrier of Friend.tech but also to some extent influenced by the functionality of the two products.

• In terms of product positioning, the Farcaster ecosystem is more like internet forums such as Reddit and Tieba, while Friend.tech is more like a paid version of Web3 knowledge planets and text-based Clubhouse products. The former is oriented towards group communication, while the latter is more of a one-to-many club-style communication.

In addition, although both have given certain speculative value to content (Cast) or Key and Club, relatively speaking, Friend.tech's product has a stronger speculative nature and more direct positive feedback. The products in the Farcaster ecosystem lean more towards the value empowerment of community incentives and member communication. Therefore, in the long run, the potential of the Farcaster ecosystem is relatively stronger, and user stickiness is also somewhat stronger.

So, as for who will ultimately be crowned the "king of social," perhaps we still need more time to observe before we can come to a relatively clear answer.

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