SocialFi's final dream has come to an end. Farcaster has decided to pivot to a wallet-focused approach, abandoning the social-first strategy it tried for 4-5 years. In the last cycle, the beautiful narratives of SocialFi, GameFi, NFTFi—everything that could 'Fi'—have completely collapsed in this cycle. Now, crypto has returned to a focus on 'trading' and 'issuance' as the main themes. It's like a retro throwback to the 2017 ICO era.