Author**：@base_feed**
Link：https://x.com/base_feed
Farcaster is a social protocol based on the OP Stack that allows users to sign up if they have an ETH wallet. 2021, Farcaster received a $30 million angel round led by A16Z. 2024, Farcaster announced that it had closed a $150 million round of funding led by Paradigm. The round was led by Paradigm with participation from a16z crypto, Haun, USV, Variant, Standard Crypto and others.
Currently, Farcaster supports Arbitrum transactions and has launched the “Frame It.” developer incentive campaign with Arbitrum with $500,000 in retroactive awards; the Farcaster ecosystem is growing steadily, with more than 40,000 daily activity, and many social references are starting to build a wide range of socialFi products based on the Farcaster protocol. SocialFi products such as Warpcast.
In January 2024, the Degen channel went live on Farcaster, allowing users to reward premium content creators with $Degen. This incentive sparked a great deal of enthusiasm in the community, driving activity on the Degen channel, and even on Farcaster as a whole, and the price of $Degen continued to rise with the heat.
In February 2024, Degen announced the completion of a 490.5 ETH angel round led by 1confirmation with participation from Farcaster OG and others. The funds will be used to develop the Degen ecosystem and community, and have contributed to a number of community projects, such as the Drakula project.
As the project continues to grow, the application scenarios for $Degen tokens are also expanding. In addition to the Drakula project, the NFT platform Zora, the community projects Bracket.Game and Rounds.wtf have all started to use $Degen as a utility token.
Degen originated from the Farcaster community and has been feeding the Farcaster community since its explosion, bringing a wave of rapid user growth to Farcaster.
Degen has evolved from a meme coin to a utility token, to a native token for the L3 public chain, and possibly even to a platform coin for Farcaster or even the entire Base chain.
Degen is the king of base meme coins: https://dune.com/hashed_official/degen
$ Degen is the token for the most important channel in the Base chain social protocol Farcaster, which was launched in January 2024 and is mainly used for content rewarding and user incentives. Subsequently, Syndicate's chain team rebuilt a Base-based Layer 3 system, Degen Chain, based on the Arbitrum Orbit and AnyTrust technologies, using $Degen as a native token.
According to Dune statistics, as of May 20, 8:00 (UTC), $ DEGEN tokens in the Base chain of about 435,000 addresses, the cumulative transaction volume of more than 1.5 billion U.S. dollars, and its L3 chain DEGEN ChainBridge cumulative users more than 30,000 people, the cumulative amount of more than 8.62 million U.S. dollars in bridging.
According to the data, $ Degen is the king of meme coins on Base chain.
The story of meme coins used for content rewarding first originated from $Doge, and $Degen has a lot of similarities with $Doge, and the development speed and trend is more fierce than $Doge.
Since farcaster itself does not issue coins, there is a so-called “Base ecological look at Farcaster, Farcaster heat look at $Degen” consensus, $Degen tokens in Warpcast unstoppable, application scenes and the number of people using the rapid development, it is likely to The $Degen tokens in Warpcast have become very popular in the application scenarios and the number of users are developing rapidly, and it is very likely that they will break the circle and take up the function of the platform coin of the whole Farcaster protocol.
In addition to Farcaster, $Degen has also become the reward token of several new socialfi, with great potential to become a “social gold shovel”. This is a great article about the cryptocurrency world with $Degen as the main character, and it's still being serialized, so it's worth catching up.
Other examples are as follows: Drakula: a TikTok-like onchain short video app that allows users to reward and interact with content using DEGEN. Clubcast: a Patreon-like onchain platform that allows content creators to provide exclusive content through token-gated channels.
How to buy $Degen？
Step one:
Enter OpenBlock's official cross-chain swap OB Trade https://obtrade.openblock.com/ When connecting to a wallet, we recommend using the OpenBlock wallet. https://openblock.com/#/download
Step two:
Select the chain and tokens you need to SWAP, (optional: adjust the suitable routing path; modify the wallet address to receive tokens) and click SWAP to complete the exchange.
Socialfi new paradigm Farcaster, what is the value?
Farcaster is a decentralized social media protocol that provides an open and composable social layer for developers, creators and general users.
1. On-chain elements Farcaster's on-chain elements primarily consist of smart contracts that run on Ether's Layer 2 (Optimism), which handle a number of core functions, including:
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ID registration: generates key pairs for new users associated with their Ethernet addresses, ensuring unique and secure identities.
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Storage registration: manages the allocation of user data storage space and the collection of annual fees to ensure reliable data storage.
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Key registration: manages the user's public and private keys, allowing the user to authorize and revoke control of the account for secure message signing and authentication.
2. Off-chain elements Farcaster's off-chain element consists of a set of servers called Hubs, which run on conventional hardware and are responsible for processing data operations that do not require on-chain confirmations in order to speed up response times and reduce transaction costs. Specific functions include:
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Message processing: Hubs are responsible for receiving, verifying and storing Casts (content posted by users) from users. They check whether the signature of each message is valid and whether it matches the user's identity information registered on the chain.
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Data Synchronization and Dissemination: Once a message is verified, Hubs store the message locally and synchronize it with other Hubs in the network to ensure data consistency and reliability.
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Performance Optimization: By handling large numbers of data interactions off-chain, Hubs can significantly reduce the need for on-chain transactions, thereby reducing latency and costs. This is especially important for social networking platforms, which need to handle a large number of instantaneous interactions.
3. Frames Frames are essentially small applications embedded in Farcaster posts that allow posts to become interactive platforms rather than just static displays of content. Users can access features and services directly within their social media interactions without leaving the Farcaster platform. For example:
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NFT Interactions: users can mint, display, or trade non-homogenized tokens (NFTs) through Frames. For example, an artist can display NFTs for their artwork directly in a post with the option to buy or bid.
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Games: Developers can embed simple games directly into posts that users can play while browsing social media.
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Content Subscriptions: Allows users to subscribe to newsletters or other media content. Content creators can provide dedicated subscribe buttons through Frames.
What is Wrapcast, Firely？
Wrapcast
Warpcast is a client built on Farcaster's Social Underlayer Protocol for iOS and Android. Warpcast is part of the official Farcaster Social Underlayer Protocol direct platform program.
Warpcast is an official Farcaster Social Underlayer program. It uses social accounts, each of which consists of an email address and an associated EOA wallet. To create an account, you need to bind a wallet and pay a one-time fee of $5 (registration fee + uploading fee). After successful registration, users are reminded to backup their mnemonics.
Wrapcast is the social equivalent of a Reddit forum and a Twitter profile. On a user's homepage, clicking on the circle at the top will take you to any of your followers/communities to post and comment, and sliding down will also allow you to browse and comment on new personal updates.
The compatibility of the Farcaster social infrastructure and the $DEGEN token empowers Wrapcast to offer a wide range of on-chain content and gameplay, as well as to participate in $DEGEN airdrops.Under the Farcaster definition, a posting (called a Cast) can receive a $DEGEN bounty from any user. So users on Wrapcast and Cast posting can also reward or be rewarded.
Each posting can click on “Action” to open the menu function. The $DEGEN reward amount of the poster can be displayed. Reward amounts can be added so that users who interact with them receive $DEGEN rewards. A variety of $DEGEN token-based ways to play dramatically increase the upper limit of Wrapcast social activity.
FireFly
FireFly (https://firefly.social/#about) is a social platform aggregator that aggregates Farcaster (WrapCast login), Lens and Twitter and supports web, iOS, MAC and Android logins. You can log in with an account from any platform and tie each account to a wallet.
FireFly's social format integrates a Twitter profile, Reddit forums, an on-chain quest platform and sweepstakes, and the NFT LaunchPad. unlike Wrapcast, which is fully compatible with Farcaster, FireFly is not compatible with the $DEGEN family of games for the time being, and focuses more on the setup of multiple social platforms to be linked together.
Firefly integrates on-chain sweepstakes (rewarding tokens or NFTs) such as LuckyDrop into the posting function, enabling one-click posting, tasks, and rewards.
Other Apps in the Farcaster Ecosystem Social Platform Category
Social platform category
Search category (search posts on Farcaster)
Mission category
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Launchcaster（Tracking Projects）
Potential relationships of tokens in the Farcaster ecosystem
Base Chain is the Layer2 public chain of ETH, and is close to the Coinbase exchange. There is no lack of capital, no lack of users, and most importantly, it carries the aura of “legal compliance”.
Base chain has the support of ETH core developers, Buidl culture is deeply rooted in people's hearts, of which SocialFi projects account for a large proportion, and has a certain threshold.
Farcaster Ecology Other Opportunities:
Build is a SocialFi project on the Base chain, similar to the $Degen token, which is mainly used to incentivize developers within the ecosystem.
After a user applies for Talent Passport, he/she will get Daily Budget based on points. users can nominate 3 developers per day (similar to voting), and both parties will distribute the rewards proportionally based on the user's Daily Budget.
The $Build token went live on May 14th and is currently holding more than 15K addresses and over 63K transactions, with a steadily increasing price and impressive performance.
Jesse, one of the founders of Base Chain, has also mentioned the Build program many times, believing that it has the potential to become “Universal Builder Income”.
According to Build's token economics, 50% of the tokens will be used for airdrops, the first round of which will end in June. You can participate in the project Build and win airdrop rewards by following the link below. https://www.build.top/