Farcaster’s Frames Feature Drives Growth and Speculation
Farcaster, a decentralized social media protocol, has experienced significant growth with the introduction of its new feature called Frames. Frames allow users to perform various functions within Farcaster apps without leaving the platform. This means you can embed an Ethereum ERC-20 token mint, play online games, or even sell products directly within a cast.
The introduction of Frames has attracted attention to Farcaster and its associated app, Warpcast. As a result, there has been a surge of speculators eager to bid on meme coins launched through Farcaster.
One such meme coin is DEGEN, an ERC-20 token launched on Ethereum scaler Base. It was initially airdropped to the Degen channel community on Farcaster. The team behind DEGEN aims to distribute the token among builders, content creators, and users in the Base and Farcaster ecosystems.
Currently, DEGEN has a market cap of $155 million after experiencing significant value growth in recent days. Let’s explore how you can participate in the Farcaster ecosystem and earn these new meme coins.
How to Farm DEGEN
If you missed out on the first DEGEN airdrop, there are still two ways you can acquire tokens. DEGEN offers two programs where users can earn points that will later be converted into DEGEN: “Airdrop 2” and a liquidity mining program.
In Airdrop 2, users can accumulate points by giving tips in DEGEN to other Farcaster users. All you need to do is type the amount you want to tip and the word “$DEGEN” in a cast. For example, replying with “69 $DEGEN” would tip the caster 69 DEGEN tokens.
You don’t need to buy DEGEN for tipping, as every user receives a daily allowance in DEGEN. The size of your allowance depends on your reaction-to-cast ratio. To qualify for the daily allowance, connect a wallet to your Farcaster account and make at least three casts.
Another way to earn points for Airdrop 2 is by tipping in specific channels that receive boosted points. These channels include /Base, /Founders, /Dev, /Design, /Product, /Frontend, /FarCon, /frames, /perl, /Zora, and /farcastHER.
Redemptions for points earned in Airdrop 2 will be available once a month, although the exact date hasn’t been announced yet.
Liquidity Mining
You can also earn points by providing liquidity for DEGEN on Uniswap V3’s pool with 0.3% fees. Eligible users can claim their liquidity mining rewards starting on February 22 until July 8.
However, it’s important to note that being a liquidity provider can be challenging and carries risks such as impermanent loss. If you’re new to providing liquidity, it’s essential to proceed with caution and avoid taking unnecessary risks.
Hot Take: Farcaster Empowers Users with Frames and Memes
Farcaster’s Frames feature has propelled its growth and attracted speculators eager to participate in meme coin launches. With Frames, users can seamlessly perform various functions within Farcaster apps. The introduction of meme coin DEGEN on the platform has further fueled excitement.
To farm DEGEN, you have options like participating in Airdrop 2 by giving tips in DEGEN or engaging in liquidity mining on Uniswap V3. However, it’s crucial to approach liquidity mining with caution, especially if you’re new to it.
Farcaster continues to offer innovative features that empower its users and create new opportunities within its ecosystem.
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