Farcaster Surpasses $600,000 in Total Revenue
Farcaster, an Ethereum Layer 2 Optimism-based decentralized social protocol, has achieved remarkable growth with its total revenue reaching $600,000.
Farcaster’s Growth Surges with Frames Integration
Farcaster initially gained attention in December 2023 and experienced a steady increase in users who paid for platform storage. However, its user base significantly expanded in late January and early February due to the introduction of Frames, an in-app engagement tool.
Frames introduced native monetization within the app by allowing users to offer NFTs to other Farcaster users. This feature incentivized more users to join from platforms like Discord and Twitter.
To generate revenue, Farcaster charges ongoing storage fees for its users. The fees are used to maintain the platform, cover transaction costs, and process credit card information.
Farcaster Daily Active Users Skyrocket
According to data from Dune Analytics, the number of daily active users on Farcaster surged from around 5,000 on January 28 to over 172,000 currently. Additionally, the number of new daily “casts” exceeded 2.9 million today, a significant increase from 200,000 casts in late January.
A large portion of Farcaster users has recently shifted to using the Coinbase-built Base network for on-chain transactions. This transition was driven by lower network fees and may have been influenced by the background of Farcaster’s co-founder Dan Romero, a former Coinbase vice president.
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