Centralised platforms exploit users for profit while suppressing free speech. But an innovative platform called Farcaster offers a solution - decentralised social (DeSoc) media owned by the people.
After years of failed attempts, Farcaster is the first decentralised social network to gain real traction. With rapid user growth and big-name adopters like Vitalik Buterin, it is emerging as a crypto-native social media platform.
In this quick dive, we'll explore how Farcaster differentiates itself where predecessors fell short.
You'll also learn how to capitalise on the hype by joining early for future airdrops.
It is now time to be part of this movement. Let's dive in!
TLDR
- Farcaster is a decentralised social (DeSoc) media protocol seeing major growth.
- It avoids issues like speculation and unfriendly interfaces that have crippled its predecessors.
- Interactive features like Frames are driving user excitement.
- You can join today and use ecosystem apps to maximise your chances of receiving valuable airdrops.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
The rise of decentralised social media in 2024
We've long been advocates for decentralised social media, and we published a thesis on it in late 2022 as we believe blockchain technology can help solve social media corruption.The core mechanism is decentralisation.
If absolute power corrupts, splitting it among thousands dilutes it. That's essentially what decentralised social media aims to do- distributing control so that no single entity dominates.
In our 2024 predictions, we highlighted decentralised social media as an emerging sector to watch this year.
This thesis is already playing out remarkably. Farcaster has recorded a 10x growth in its daily active users in February alone.
Farcaster's sudden traction shows the concept's potential.
And more importantly, there's an opportunity here for you!
Here's what you need to know.
Overview of Farcaster
Farcaster is a decentralised social media platform. It was co-founded by former Coinbase executives Dan Romero and Varun Srinivasan with the goal of empowering users by giving them control over their own social media data.Farcaster describes itself as "sufficiently decentralised" - a key distinction.
This means no single entity, including Farcaster itself, can control discourse on the platform.
Censorship is virtually impossible as long as two users can connect directly via the protocol and communicate.
Control and governance are distributed across thousands of nodes rather than concentrated in a centralised corporation.
Farcaster achieves "sufficient decentralisation" through its technical architecture:
- It is an open-source, permissionless protocol that anyone can build on top of. Developers can create social apps that plug into the Farcaster ecosystem.
- The protocol establishes user identities through Ethereum crypto wallets. User profiles and data are stored on IPFS, a decentralised storage network.
- A blockchain registry maps user IDs to their keypair. This enables identity portability if a keypair is ever compromised.
- Users post signed messages to the network. Hubs run by nodes relay these messages peer-to-peer in real time.
- Anyone can read messages, enabling open communication between users and apps.
- Censorship resistance - users can communicate freely
- Interoperability between apps built on the protocol
- User control over data and identity
- No centralised point of failure or control
The app is similar to Twitter in terms of the user experience. In terms of function, users can post a 320-character cast, post media, reply, recast, direct cast, and use encrypted messaging.
Differentiation from previous attempts
Previous decentralised social networks like Lens Protocol and Friend Tech have struggled to reach mainstream adoption. Farcaster differentiates itself through its developer-first approach.Rather than building a single end-user product, Farcaster focused first on creating an open protocol for developers. This encourages permissionless innovation on the platform.
One benefit Farcaster has over Lens is greater accessibility for average users. Front-ends like Warpcaster provide a familiar user experience without requiring complex blockchain transactions. This makes adoption easier.
Farcaster also avoids the speculation and "ponzinomics" that affected projects like Friend Tech.
It has no native token for price speculation and was not launched with a points program that would lead people to farm the protocol. Instead, its incentives focus on building a robust developer ecosystem for the long term.
By leading with a flexible protocol rather than a complex product, Farcaster spurs decentralised app creation. Its developer-first strategy and accessible front-ends allow it to reach mainstream audiences previously networks missed.
Why is Farcaster gaining traction now?
The launch of Frames, a new feature enabling interactive mini-apps, sparked excitement for Farcaster in the crypto community this month. With Frames, users can mint NFTs, play games, and checkout directly in their feeds without leaving the platform.Farcaster's secure EdDSA authentication underpins Frames, eliminating wallet drain risks. According to co-founder Dan Romero, Frames are also cryptographically signed, preventing spoofing.
This innovation attracted developers eager to build engaging in-app features.
It also appealed to crypto users wanting to capitalise on app token airdrops. Front-ends like Warpcast saw rapid user growth following the Frames launch.
The hype also fueled speculation around $DEGEN, a token used on some Farcaster apps.
While not an official part of the protocol, $DEGEN and other tokens have driven speculative buzz as they get airdropped to Farcaster users.
Another opportunity that is arising is the trading of user IDs on Farmarket.
With early adopters claiming low-digit Farcaster IDs, bidding wars for coveted IDs are now common. The highest-selling FID so far earned almost $7,000 in Ethereum for its previous owner.
Interest in low FIDs is likely tied to some Farcaster apps having started airdropping tokens like DEGEN based on people's low FIDs. Essentially, these FIDs are worth money because people speculate that there will be rewards for early adopters of Farcaster.
So, how do we capitalise on the Farcaster hype?
So, let's be clear: Farcaster is a decentralised social media platform, but it is not a charitable organisation.In 2022, Farcaster raised $30 million in a round led by Andreessen Horowitz (a16z) with participation from Coinbase Ventures, Multicoin Capital, Ribbit Capital and others.
These VCs have not invested in Farcaster just to donate their money - they are looking for a return. This is why we believe a $FARCASTER token will likely be launched eventually. We think that because the platform is focused on decentralisation and user ownership, there will be an airdrop for Farcaster users.
Farcaster is also already generating revenue from its services and has generated over $500k through them. This means we are looking at a project that is already earning some money here.
And if it grows, it could earn much more, especially if it launches more ways to monetize its service.
For this reason, we believe you should start becoming active on Warpcast and explore everything the Farcaster ecosystem has to offer.
While it is not investable right now, you can invest your time in being active on the platform. You may be one of the users receiving an airdrop similar to how people who used Jupiter were rewarded greatly, with users receiving between $1000 and $10K worth of JUP tokens.
Follow these steps to get started on Farcaster and potentially be eligible for future airdrops:
Step 1: Download the Warpcast app
Download the Warpcast app on your device:
Step 2: Create an account
- Launch the Warpcast app
- Select "Create an account"
- Safely store all security phrases and confirm by selecting "I backed up my recovery phrase"
- Enter your email address and continue to confirm your email
- Choose a one-year storage fee for the Farcaster Hub using the payment methods (Momo, Visa)
- Create a username and select a profile picture to complete account creation
Step 3: Update account information
- In the Warpcast app, select your profile picture
- Click "Edit profile" to update your account details
- Fill in all required information
Step 4: Log in on your computer
- Visit https://warpcast.com/
- Select "Login" and use your phone's Warpcast app to scan the displayed QR code
- Confirm the login on your phone
Step 5: Explore basic features
- Farcaster is built similarly to Twitter.
- Actively engage with the platform and its features to record activity.
- You can consider following some people and writing some content to get started.
Step 6: Explore other Farcaster apps
The Farcaster ecosystem includes many projects. Sign up for them to increase your chances of receiving retroactive rewards.Check here to see the list and details of dApps.
Cryptonary's take
Farcaster represents a watershed moment - the emergence of decentralised social media with real user traction. After years of waiting, this could be the breakthrough we've hoped for.The developer-focused approach, accessibility, and interactive features like Frames are key to Farcaster's success.
By distributing control across users and avoiding speculative hype, it avoids the pitfalls that hindered previous platforms.
The potential is immense - an open web controlled by users, not corporations. But success requires early adoption. Join Farcaster now, engage actively, and explore ecosystem apps. This maximises your chance to receive airdrops when tokens launch.
The opportunity won't last long - here’s another chance to get a first-mover advantage.