Farcaster Ecosystem & First Steps

The Farcaster ecosystem is taking its first solid and strong steps with products that are practical for users. Obviously, in recent times Farcaster has been one of the most notable Web3 Social in the industry with the support of Vitalik Buterin. So everyone, please join us in updating the development progress of the Farcaster ecosystem during the past October.

To better understand Farcaster, people can refer to some of the articles below:

• What is Social Graph? An Indispensable Piece of SocialFi Platforms
• What is Farcaster? Farcaster Cryptocurrency Overview
• Summary of Potential Projects on the Farcaster Ecosystem
• Why Is It Affirmed That SocialFi Will Follow GameFi’s Steps?

On-chain Indicators About Farcaster

It can be said that Farcaster is creating an extremely attractive platform for Airdrop players to flock to because the project has successfully called for up to $30M from many famous investment funds such as Coinbase Ventures, Scalar Capital,… That’s why. So the on-chain index of users on the Farcaster platform does not reflect its own internal content 100%. Only when the project deploys tokens and Airdrop players leave will we have accurate numbers.

Through the Website Analytics tool, 4 projects have products that are being used the most by users on the Farcaster ecosystem including:

• Warpcast: Web3 Social platform is similar to Twitter or Facebook. A place where users can share personal emotional states. Besides, Warpcast also has many communities to increase user experience.
• Paragraph: The Web3 Social platform is similar to Substack – where users will have to pay to read documents from users and organizations they trust.
• Frens.lol: An on-chain messaging platform between friends. Currently, the project is still in the stage of allowing users to register for the waitlist.
• Unlonely: Web3 Livestream platform is similar to many Livestream platforms in Web2 such as Bigo, Nonolive, Twitch, Live Now, Broadcast Me,…

It can be seen that Warpcast’s website traffic is up to nearly 250K with the average time users stay on the platform nearly 9 minutes and the churn rate is less than 40%.

Besides Warpcast, projects that have launched products such as Paragraph or Unlonely are also having relatively stable traffic and are growing strongly. In terms of traffic, both Paragraph and Unlonely have grown more than 100% in recent times.

If we place Warpcast next to giants like Facebook or Twitter, we certainly will not be able to compare the volume of traffic, but we will focus on indicators such as Visit Duration (The time users spend on the central platform). average) and Bounce Rate, it’s interesting that Warpcast’s churn rate is not too far behind Facebook or Twitter at 31.3% and 32.06% respectively. Besides, the time users use Warpcast’s platform compared to Facebook or Twitter is not too different, the numbers are 9 minutes and 10 minutes respectively.

In a smaller picture, if Lenster is the Social center of Lens Protocol on the Website platform, Lenster (currently rebranded to Hey) is losing quite a bit compared to Warpcast. Only about 181K traffic compared to 245K traffic within 1 month, high churn rate of nearly 60% and average engagement time of each user is less than 3 minutes.

Meanwhile, Warpcast’s strategic product is a DApp, so clearly if you add both on the Website and on the DApp, Warpcast is certainly far ahead of Lenster of Lens Protocol.

An extremely good start for a Web3 social networking platform that is expected to become even more explosive in the near future.

Going deeper into the Warpcast platform, we have some interesting numbers and information as follows:

• In total there are 194K users on the Warpcast platform.
• There have been 16K/194K users connecting their wallet addresses to Warpcast.
• There have been 1.5M Casts created by 194K users.
• The number of Active users per week is 2.8K and per month is 8.2K. These indicators have been growing steadily since Warpcast launched.
• The number of new users per week is 1.1K people.
• The number of users who do not have any Cats is up to 175K/194K people. A relatively large proportion of up to 90% of new users have just joined but have not created any content on Warpcast.
• It can be seen that based on the rankings, Vitalik Buterin is one of the top KOLs on this platform.

Based on these numbers we can make some observations as follows:

• Less than 10% of users on Warpcast cannot link their Blockchain wallet address to the platform or these users do not know about Blockchain. I believe this is a good thing because now users do not need to have a wallet to participate in a project or protocol on Blockchain. This will remove the biggest barrier between Web2 users and Blockchain.
• The number of new users is still increasing steadily even though users are required to pay an annual fee to use the product. Fee 300K VND per year.
• Indicators of the number of Active users per week and month; The number of Casts produced on the platform on a daily basis is still growing positively.
• If the total number of users participating in the Warpcast is 194K, creating a total of 1.5M Casts, then it is equivalent to each user creating an average of 7.8 Casts. However, up to 90% of the total users have not created any Casts, so on average the remaining 10% of users have created about 78 Casts. It means that content creators are relatively active on this platform.

Besides Warpcast, Paragraph also has extremely impressive numbers with:

• More than 1 million Newsletters are produced each month.
• There are more than 10,000 content creators on the platform.
• With more than 500,000 regular readers.
• And over 250,000 pieces of content collected.

Farcaster Ecosystem & First Steps

First activities on Warpcast

Immediately after launching and officially opening to everyone, Warpcast had a Mint NFT program for newcomers and those who have accompanied the project in the past. Mint NFT on Warpcast has attracted many users to participate. Besides, since the launch of Warpcast there have been a few successful tests such as:

• Launching the WARP token as a random reward for users who have positive influence and contributions on the platform. Not only that, initially WARP also has some features such as payment currency on Warpcast.
• Warpcast has also launched the NFT mint feature on the Zora platform directly on Warpcast without having to go directly into Zora. This makes users comfortable and especially they do not need to understand who, where and how is Zora?
• Warpcast continues to launch many different communities such as Paris, SuperRare, Random, Wellness, Creators, Writers,… This is a step towards building truly active small communities thereby creating a large, sustainable community. strong.

Not only that, Warpcast has also secretly or directly issued warnings to users who create spam content on the platform. In particular, Farcaster’s Co Founder & CEO, Dan Romero, personally warned Vietnamese users about spamming meaningless comments like Great, Cool,… These are essentially actions that cause harm. Vietnamese Airdrop. And for those who participated in Cross-Follow, they also got Shadow Ban from the Warpcast platform.

For a young social networking platform, this is an extremely necessary action to create a truly sustainable community in the long-term future.

Unlonely

Unlonely is widely known through the project shared by one of the most prominent Layer 2 at the moment, Base – built and developed by Coinbase itself. However, perhaps Unlonely will need a lot more time to develop because currently Unlonely’s products are still relatively rudimentary and do not have much prominence.

What Unlonely has done best up to now is organizing two contests: Love on Leverage and The Rizz Olympics. In there:

• Love on Leverage: A competition that pairs content creators on the Unlonely platform and users will participate in voting. Content creators will interact with each other on Unlonely similar to Tik Tok having PK programs for its content creators. The event attracted a number of interested and excited users.
• The Rizz Olympics: This is a competition where individuals will represent participating organizations, and winners will have their own rewards. In the first round, there were many participants representing a number of parties such as Lens Protocol, Gitcoin, Bankless,…

It seems that Unlonely is building the first steps with its Livestream platform by making the user the center including both Content Creator and Viewer, increasing the interaction between Content Creator – Viewer, Viewer – Viewer and Content. Creator – Content Creator. I think this is a necessary orientation in the context of Livestream platforms becoming increasingly saturated.

However, competing with Web2 Livestream platforms is still a distant vision.

Paragraph

Paragraph’s business and product model are relatively simple. Paragraph’s current development focus is on how to attract famous content creators. Because attracting famous content creators means attracting more of their own fans. One arrow hit two swallows.

Currently, the number of content creators on Paragraph is experiencing relatively steady growth, but the number of truly quality content creators is not too much.

Summary

The Farcaster ecosystem is having a relatively good early stage, especially for products with high applicability. Certainly, Farcaster and the Farcaster ecosystem deserve to be on the watchlist of any researcher in the Crypto market.

See you again in future updates to the Farcaster ecosystem.