Over the past few days, user activity has surged on the Farcaster app. What has become of Farcaster crypto following this increase?
Farcaster is an innovative decentralized social network designed to foster trust and transparency in digital interactions. Founded by Dan Romero, former Vice President of Coinbase, the platform aims to establish an open protocol that allows users to engage with their audience directlyand enables developers to create applications freely.
TLDR
- User count has increased by 400%.
- Significant update — launch of Frames.
- Airdrops starting from $1000 for casts and likes.
- Nearly tripled growth in floor price of the NFT OG collection.
Important Update — Frames Launch
On February 2nd, Warpcast (the main app on Farcaster) crashed due to a surge in users. User count increased by 400% following the launch of the Frames feature, which allows using the platform without the need to sign transactions.
Aside from convenience, according to the founder of Farcaster, this update enhances platform security — it eliminates the risk of hacking or data leaks.
As we can see, users appreciate simplicity.
Airdrops
In addition to the significant update, the growth in the number of users is also linked to airdrops of substantial amounts.
Here’s an example of airdrops from a Farcaster user:
DEGEN
DEGEN tokens were distributed to everyone who subscribed to the corresponding channel, made at least one cast, and received a like or retweet (recast). Approximately 1600 people received the airdrop.
A Twitter user shares his opinion:
Receiving degen coin through airdrops has become an incentive for increased user activity on the Farcaster platform. At the moment, 15% of the tokens have been distributed through the airdrop, and an additional 20% of tokens will be distributed in the future. Therefore, it makes sense to show activity in the Degen channel (you can enter this name in the search within the application).
FRAME
Alongside the launch of the Frames feature, an airdrop of the FRAME token was distributed to registered users. Users with lower Farcaster IDs received more tokens. The distribution was conducted on a first-come, first-served (FCFS) basis.
Farcaster OG NFT
Farcaster has an official NFT collection called Farcaster OG, which was distributed to early users.
Floor price: 1.9 ETH (nearly tripled in a week)
Supply: 938 items
Collection on OpenSea: Farcaster OG
What the others are saying about Farcaster
Vitalik Buterin criticizes the speculative user acquisition model of Friend Tech and expresses positivity towards Farcaster and Lens.
Marc Andreessen conducted an AMA (Ask Me Anything) session on Farcaster.
What can you do now?
The future cannot be predicted with absolute certainty, but it’s worth registering:
iOS: Warpcast
Android: Warpcast
Registration is free with a US number. Otherwise, it’s $5.
You can also register through an invitation from a user, he will pay $3 for you.
If we draw an analogy with Binance, when projects distribute 1.5–3% of tokens to BNB holders on the launch pool, projects that have their own channels on Farcaster can begin to drop tokens to users for the sake of marketing, hype, and publicity.
Therefore, it makes sense to show activity in such channels from projects that do not yet have a token, especially since it’s free and won’t take much time.
Perhaps later DropsTab will conduct research on similar projects worth paying attention to.
Participating in activities is worthwhile, such as subscribing to channels, creating casts (posts), liking, and commenting on others’ casts.
If a project is actively marketing, it might be a good idea to purchase NFTs in hopes of future airdrops or project tokens. Farcaster still doesn’t have its own token, but considering the good funding, investment amount, and growing hype with NFT sales, the token launch shouldn’t be far off.
Have you had any luck with airdrops? Do you know any promising projects in the crypto sphere? Please drop down in the comments below.
