Are you on Farcaster? 💬 Social media, but decentralized.
Over the past week, Farcaster, a decentralized platform for various social media applications, has increased its daily active users from just 5,000 users earlier last week to 24,700 users just two days ago.
The massive influx of users was largely due to the introduction of Frames on the Farcaster client known as Warpcast, allowing users to interact with links and external applications directly within the app.
In other words, Frames allow users to mint NFTs, claim tokens, and execute transactions without the need for signing transactions or leaving the Warpcast app. For users who may have security concerns, Frames utilizes Farcasters's own edDSA authentication system, protecting against wallet-draining transactions.
The recent surge in activity on Farcaster has resulted in a new group of meme coins breaking all-time highs, such as DEGEN and POINTS.
Since the launch of Frames on January 27, the price of the DEGEN token has soared by over 13x from $0.00023 to $0.0034. Original Farcaster NFT collections such as Farcats have also risen by approximately 10x from 0.07 ETH to 0.72 ETH (~$1,600).
Editor's Take:
While this Farcaster season is reminiscent of the Friend.tech frenzy just last year, ultimately, these are two very distinct products, and we might actually see much stickier usage on Warpcast since users just have to make a $5 payment/year to use the all the app's features. The Warpcast app is now available on iOS and Android devices, but you can also access some of the basic features on your PC. | 
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