Source: DeBox Research Institute Author: Cryptoming
#CYBER #dyor #BinanceTournament
Summary
The token $cyber of the social protocol cyberconnect has soared recently after a wash, from a low of 3.5U to a high of around 16U. In the current weak BTC trend, cyber can still perform so well, which is really eye-catching and has also boosted the popularity of some social sectors. Due to the high risk in the secondary market, this article will introduce new opportunities in the social protocol Farcaster, which is about to be launched. Farcaster has received a $30 million seed round of financing led by A16z. It is currently in the internal testing stage and has not yet issued tokens.
introduction
Farcaster founder Dan Romero launched the Farcaster waitlist application form on September 1, and users can fill out the form to experience the Farcaster ecosystem in advance. As a star project in the social graph, Farcaster announced as early as July 2022 that it had completed a $30 million seed round of financing led by A16z. Social protocol projects with similar large financings include Lens Protocol and Cyberconnect, which issued a coin (cyber) a few days ago. However, judging from the recent price performance of Lens Protocol Profiles and $Cyber, it seems that the social track is not favored by market funds. At this time, Farcaster launched a registration form for the waiting list, so let's see if the official launch of Farcaster can arouse a wave of enthusiasm in the social track.
Farcaster Development News
Farcaster's goal is to create a sufficiently decentralized social network. Its founder, Dan Romero, is a former executive of Coinbase. He once emphasized that Farcaster is a trusted decentralized social protocol that allows users and audiences to establish direct connections, while developers can use this protocol to build any clients and programs.
In the latest development, Farcaster has migrated the identity and storage contracts from the Ethereum mainnet to the Optimism mainnet, and announced the Farcaster v3 technical architecture. The main reason for Farcaster's migration to Optimism is that founder Dan Romero believes that there are currently the most active developers and users based on Optimism and OP stack (OP super chain). I personally guess that it may be because Coinbase's strong support for OPstack has prompted relevant developers of Coinbase to focus on OPstack, including some developers on Farcaster. As a former executive of Coinbase, Dan Romero naturally has to go with the flow, after all, they were once "one family."
From the technical architecture of Farcaster v3, it is not difficult to see that most of Farcaster's ecological composition is offchain, that is, off-chain applications, and the on-chain part only has DID (FID account, ENS) and storage signature contracts. It can be said that the on-chain construction is streamlined to the extreme. In fact, more off-chain running applications can reduce the development cost and the threshold for users to interact with the Farcaster ecosystem. Fewer on-chain interactions also greatly reduce the user's social cost and on-chain data redundancy. Users only need to do necessary interactions. The Farcaster protocol itself is a decentralized communication Hubs connecting offchain and onchain. This architecture actually "modularizes" the social protocol and makes the protocol itself lighter. Farcaster's model is almost a completely different path from the Lens protocol. Users who have used Lens know that most of the data in the Lens ecosystem needs to be on-chain, which is a considerable cost for users and project ecology. Lens itself is also created by the star team Aave. I am also very much looking forward to seeing which of their models can be more suitable for web3 and become a true "web3 social giant".
Farcaster user activity
Farcaster's official client is Wrapcast, which has basically the same UI and interactive experience as Twitter and is still in the beta stage. By looking at Wrapcast's data, Farcaster currently has about 20,000 registered users and about 5,500 monthly active users. According to Farcaster's daily active user data released by the founder, it has recently reached about 2,500, which is about 2 times the amount in the first half of 2023.
It is worth mentioning that most of Farcaster's early users seem to be developers, and the "Builder" culture derived from this is also stronger. Everyone's social content is more inclined to value social networking, rather than using users to brush data like some social platforms to capture users' "airdrop" expectations. In fact, an excellent community or social platform culture can indeed attract more excellent users to join. For example, the familiar Vitalik Buterin often posts updates in Farcaster, and his active frequency far exceeds his posting frequency on Twitter. Moreover, Vitalik Buterin often discusses EVM development-related issues with others on Farcaster and is a heavy user of Farcaster. To be honest, for a web3 social platform, being able to obtain the high level of participation of Ethereum founder Vitalik Buterin is really a "son" treatment.
Farcaster Ecosystem Introduction
Although Farcaster currently has only about 20,000 registered users, its ecosystem application categories are still quite diverse, mainly with clients and without clients. Most of these ecosystems are based on Farcaster's official client application warpcast for expansion and development. If you want to experience it, you need to obtain Farcaster's internal testing qualification. Farcaster has now opened a waiting list for registration. Friends who want to experience the Farcaster ecosystem can scan the QR code below to register and wait for official approval. (Binance Square does not allow links and QR codes to be posted, so just go to Twitter and find the tweet in the picture)
If the registration is successful, here is a brief introduction to several high-quality ecological projects of Farcaster for you to experience.
Warpcast
Warpcast is the official client of Farcaster. Its overall usage habits are almost the same as Twitter, except that it adds some web3-related topic tags and on-chain hot data tracking.
Yup
Yup is a social content aggregator that can link Lens, Twitter, Farcaster, and bluesky into one APP. You can publish content to multiple related platforms at one time, and you can also receive social push messages from multiple related platforms. This app is really friendly to social users and reduces users' social repetition.
Alphacaster
Alphacaster is a DAO community voting governance tool, which is divided into two categories: DAOs and NFTs. The community classifies users according to their wallet asset categories. Only those who hold designated assets can speak in the corresponding community.
There are also the Farcaster ecosystem launch application launchcaster and the task platform farquest, etc.
Conclusion
Farcaster is a decentralized communication protocol. Any developer can develop and expand applications based on Farcaster. The Farcaster team has even written a "step by step" development tutorial on the official website so that developers can quickly get started. Will Farcaster, with such a strong "developer culture", bring new stories to web3 social networking? Everyone is waiting to see.
