Farcaster Social User Growth Surges and Vitalik Approves
The number of daily active users on the Optimism-based social protocol known as Farcaster has skyrocketed to unprecedented levels, with a near tenfold increase following the debut of Frames, mini-apps embedded within the platform.
The count of unique casters — individuals posting on Farcaster-based social applications such as the main social client app Warpcast — escalated from roughly 2,400 on January 25, just before the introduction of Frames, to 19,100 by Saturday. The tally of unique reactors, those interacting with posts, soared from about 2,700 to 25,000 during this interval.
The surge in Farcaster activities, including posts and interactions, was even more striking, climbing from 11,000 to 127,000 and from 29,000 to 514,000 for casts and reactions respectively, from Jan. 25 to Feb. 3.
As a consequence, daily earnings for the protocol have reached new peaks, surging nearly 1,500% from $2,500 on Jan. 25 to over $39,000 recently. The total revenue of the protocol has now approached $450,000 since its inception in August 2022.
Unlike other web3 ‘social networks’ that missed the mark, Ethereum co-founder Vitalik Buterin recently posted on Twitter/X praising Farcaster, noting that it appears to have a more staying power and potential than short term hype-based pump and dump style applications like Friend.tech.
“Bad gamefi is using financial speculation as a substitute for fun. Blockchain games need to be fun as games” – approx quote I’ve said many times
I believe a similar thing for crypto social.
Registering a prediction: farcaster and lens will NOT be deserted in 4 months, or 1 yr.
— vitalik.eth (@VitalikButerin) February 5, 2024
Rather than using “financial speculation as a substitute for fun,” as he remarked in regards to Friend.tech, Buterin called out Farcaster, as well as decentralized social media protocol Lens, as products that will stand the test of time.
Co-founded by ex-Coinbase officials Dan Romero and Varun Srinivasan, Farcaster offers a censorship-resistant platform for Ethereum wallet holders to manage their social media data autonomously and migrate it across decentralized applications within its network. Warpcast, resembling X, is the premier application on the protocol, accounting for 45% of Farcaster registrations.
According to Romero, the Farcaster network boasts over 5 million unique follows, 6 million interactions, and 2.8 million posts, correlating to 30,000 Ethereum addresses on-chain. Notables like Vitalik Buterin, along with newcomers such as Uniswap’s creator Hayden Adams and crypto influencer Jordan Fish, known as Cobie, have engaged with the protocol.
Introduction of Frames propels user engagement
On Jan. 26, Farcaster rolled out Frames, transforming Farcaster posts into interactive mini-apps, akin to tweets on X. This feature enables users to create NFTs, engage in games, and execute instant checkouts directly within their social feed, without exiting the site.
Frames utilize Farcaster’s EdDSA authentication mechanism to prevent wallet draining and ensure security through cryptographic signing, as explained by Romero. Nonetheless, the spike in user engagement post-Frames launch resulted in significant traffic increases, briefly affecting Warpcast’s performance, as acknowledged by Romero.
This surge in Farcaster’s popularity occurs as other SocialFi platforms, such as Friend.Tech, witness a notable decline in activity from their highest points. Daily transactions on Friend.Tech have plummeted by 96% from a peak of 540,000 in September to 20,000 recently, as per data from The Block.
Surge impacts Farcaster’s NFTs and tokens
The current Farcaster frenzy is palpable, with associated NFTs and tokens also experiencing a boost in activity.
The Farcaster OG NFT, a coveted symbol among the protocol’s early users, has witnessed its base price jump over 250% from 0.69 ETH to 2.54 ETH ($5,900) within a week, according to OpenSea data. Similarly, the Farcaster-linked NFT series, Farcats, has increased over 650% from 0.09 ETH to 0.69 ETH ($1,600) in the same timeframe.