Decentralized social media protocol Farcaster is a cryptocurrency protocol Recent obsession— And unlike other blockchain-based social networks that come and go, Ethereum co-founder Vitalik Buterin seems to think this one can go far.
in Reply to Twitter post About failure at the beginning of Monday friend techanother decentralized social app that gained traction quickly and then quickly lost momentum, Buterin seemed to see the platform as doomed due to its speculative approach.
“Bad GameFi substitutes financial speculation for fun. Blockchain games should be fun as games,” Buterin said. “I believe the same about crypto social.”
Ethereum’s creator praised Farcaster and the decentralized social media protocol, as opposed to using “financial speculation instead of fun,” as Buterin clearly believes Friend.tech has done. did. lensas a product that will stand the test of time.
“Register your prediction: Far casters and lenses will not be left unattended within 4 months or within 1 month.” [year]” Buterin wrote.
Friend.tech, a service that allows users to buy and sell shares in their friends’ social media profiles, exploded in popularity last summer. However, the critics rejected it It was a Ponzi scheme that relied on speculative momentum to attract users, most of whom were primarily interested in making a quick profit.
The basis for concern is that activity on the platform began within months of Friend.tech’s unusually high prices. folded Splendidly. Still not recovered: At the time of writing, Friend.tech’s daily trading volume is down 99.6% from its September high, according to data compiled by Friend.tech. dunes.
Friend.tech’s volatile arc rhymes with the arc of many projects in the crypto sector that heat up and make headlines, only to collapse as soon as speculative interest wavers.
Farcaster, by contrast, is not driven by financial incentives. A decentralized network of social media apps, the Farcaster app works like a standard social media site, with additional benefits such as privacy, censorship resistance, fewer bots, and user-friendly innovations. .
One such innovation, Frames, revolutionized networking. unprecedented popularity These days, users can perform a variety of functions within social media apps, such as playing games, making online purchases, and minting NFTs, without accessing a third party.
Thanks to Frames, user activity on Farcaster increased by a whopping 1,300% last week. While this level of success has so far given (temporary) glory to other on-chain social media platforms such as Friend.tech, Buterin is at least a sign that this streak could reignite things. I’m pretty sure that’s not the case.
Edited by Andrew Hayward