It’s worth analyzing Farcaster’s statistics from time to time. The network has been in a downtrend since it pivoted into a social wallet and the growth strategy based on financial incentives alone. If you look at the most engaging accounts, many of them are low-quality spam accounts or outright bots (something easy to experience when interacting with the platform too).
The platform appears to have entered an enshittification process, much like other social networks. In this case, it’s driven by the naïve belief that human behavior can be effectively engineered through financial incentives alone.
It now seems close to a phase of decline, in which the marginal value of joining Farcaster collapses faster than new meaning can be created inside it. And these trends are dangerous as they grow exponentially.
Is Farcaster dead? Not in general. But as a social network, it’s nearing a critical point. The clock is ticking.
Is this the end? No. A resurgence is still possible. The team retains capital and human talent, and a meaningful pivot could still happen (though community talent and trust in the project are currently low. Must be regained)
Even if I’m kinda bearish about Farcaster current direction, I met dozens of great people here. Made beautiful connections and discovered great projects.
Bcs of this, I’m considering going to /farcon-rome. I’m not a conference guy, but would love to meet (and meet again) some of you.
So, who is going?
Now our voting protocol is available to any Web2 organization within a SaaS Platform. So they can use Web3 voting tech for their AGMs, board elections, referendums, and more :D
Bringing blockchain tech to the masses? Yep!
Omg what a shitshow.
You literally click on the address that he published on his cast and **Farcaster** opens a new actionable screen with a scam coin, literally a UX you built around memecoins and social gambling. But instead of apologizing you start shooting everyone that supported you on the network.
Just insane 🤡
I’ve been saying this for months. You don’t get a public square by using the blueprints for a casino. If the whole system is wired for extraction and social interaction financialization, everything it touches turns into something extractive and financialized. And that will be the key metrics they will set to measure. That’s not a bug, it’s the design working flawlessly.
When the incentives line up around speculation and low quality content, you don’t magically end up with a healthy social protocol. You get a casino with a timeline strapped to the side.
The idea of Farcaster as a “decentralized social network” is gone amigos.
Feels like we’re watching the beginning of the end for creator coins, guys. They’ll not say it openly, but you can already feel it and they’re probably thinking about the new narrative to sale.
A bunch of cryptobros and techbros tried to turn social life into a mini-Wall Street with creator tokens, memecoins, tipping loops, and prediction markets, then acted shocked when people lost money. Anyone paying attention knew it would go this way.
The funniest part of calling these coins “just entertainment” is a cute way of avoiding the word scam, like putting a clown nose on a ponzi. While young people is losing real money and blockchain keeps gaining bad reputation.
But the bigger circus is to see a lot of blockchain “innovation” nowadays run by people whose main talent is having enough cash to fund their own terrible ideas.
