Why Crypto Twitter is Excited About Farcaster
In the past two years, several decentralized social media protocols have emerged to improve the online social experience using blockchain networks. Farcaster is one such project that has gained attention after releasing a key update, attracting thousands of new users. Created by Coinbase alums Dan Romero and Varun Srinivasan in 2020, Farcaster is a social media protocol built on the Ethereum scaling network Optimism.
The most popular app on the Farcaster network is Warpcast, a Twitter-like platform for writing posts, following users, and sharing their posts. Farcaster emphasizes eliminating bot activity by requiring a $5 sign-up fee and limiting the number of posts users can make. Another significant feature of Farcaster is Frames, which allows users to perform various functions within Farcaster apps without leaving the platform.
What are Frames?
Frames are a new feature on Farcaster that enables users to perform functions within the platform without exiting to third-party sites. Users can mint NFTs, play games, browse art galleries, subscribe to newsletters, and make online purchases while staying in their feed. Frames is powered by Farcaster’s EdDSA authorization system, ensuring security and preventing hacks.
Currently, Frames only supports Ethereum-affiliated networks, but the protocol plans to expand to support Solana in the near future. Since introducing Frames, Farcaster has experienced a surge in popularity, with daily user activity increasing over 1,300% and engagement skyrocketing from 100k daily engagements to over 2.3 million.
Hot Take: The Rise of Farcaster
Farcaster’s recent update with Frames has propelled it into the spotlight of decentralized social media protocols. With its emphasis on eliminating bots, transparent functionality, and secure authorization system, Farcaster has attracted a significant number of new users. The surge in daily activity and engagement on the platform demonstrates the potential for blockchain-based social media to offer a more seamless and interactive online experience. As Farcaster expands to support additional networks like Solana, its user base is likely to continue growing, setting a milestone for decentralized social media platforms.
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