Introducing Farther V2
I'm excited to announce Farther V2. This is a big change in how tipping works. Its an attempt to alleviate two problems:
User churn
Many potentially valuable users who try Farcaster end up leaving when they don't get enough engagement. There is a great discussion about this problem between ted & nonlinear on an episode of their podcast, many such cases (last 10 minutes here).Tips feeling spammy
There are many tipping tokens that are all relatively undifferentiated, making many tips seem more akin to spam. See this poll from @dwr.eth
This all boiled down to a question...
What if tips could increase engagement for underrated users while simultaneously make the tips more meaningful?
The answer I've arrived at is to reward tippers based on how well they're targeting users who have the biggest increase to their engagement over time.
It works as follows:
Every time a tip is given, the recipient's OpenRank global engagement score is stored.
Every six hours, the app checks how much the engagement score has changed since the time of the tip, and multiplies the change by the amount of the tip. This is the tip score.
For tips during the season, tip scores of each tipper are summed. This is the Tipper Score.
At the end of the season, every tipper with a positive Tipper Score receives a pro rata share of a rewards pool based on their score relative to the sum of all positive tipper scores.
This essentially makes tipping into a competitive game and pseudo prediction market for increasing qDAU. My hope is that it will make tips more meaningful and less spammy, as each will be like an investment in the future growth of the recipient.
Additional details:
A balance of 100k is still the requirement to receive a tip allowance.
Tips to other tippers are not included
Every tipper will receive the same daily allowance. The aim of this is to make it meritocratic and direct focus to the tipper score & rewards.
No restrictions on tip amounts aside from the daily allowance. No minimum tip size.
Tip recipients must have at least 100 followers. This is necessary to mitigate people from farming allowances with dummy accounts.
The monthly rewards pool will start at 3 million $farther.
Total daily allowance will start by targeting $2000 worth of $farther, determined by the token’s price at the time of the daily allowance reset. The target amount may be adjusted in the future. Allowances for most current tippers will decrease, but the benefit is this will enable more tokens for rewards and increase the system's longevity.
OpenRank data has already been syncing for the past week and the website has been updated to display everyones current tipper score. Scores will reset back to zero on August 1st when the new season begins. I welcome everyone to send me your questions & feedback in the meantime. ✨
Acknowledgements: Huge thank you to @wahoo.eth and @russian_acai for their valuable feedback on the design, as well as everyone who reviewed the app idea that Farther V2 started as.
Tip score has nothing to do with how many times you've tipped. Please read this: https://paragraph.xyz/@farther/farther-v2
Please read this: https://paragraph.xyz/@farther/farther-v2 https://farther.social/tips/
I really dont understand the points system. How can I have a lower rank than someone with 2 tips given total?
Strongly recommend reading this: https://paragraph.xyz/@farther/farther-v2
TY
Same .. confusing
It is. Apparently the lower the following of the people you tip, the more points you get. But that seems super flawed
GM and welcome to day 2 of the new season. ✨ Some updates: 1. We're going to reinstate a tip minimum starting 24 hours from now. It will be 200 $farther, which is a little higher than what most voters in the poll preferred but better for growth (imo). 2. In addition to the weekly rewards for posting good content in the channel, I will be more actively hiding low-effort casts. https://warpcast.com/farther/0xa7345f5e https://warpcast.com/farther/0x17aa83e4
Not the biggest fan of this change in all honesty. I want to lower my tip amount to tip more people. The more people the better then they might consider buying an allowance.
That cold hard truth is only shrimps & guppies care about small tips. Attracting more of them doesn't create a sustainable community. Whales and the biggest farcaster power users tend to view small tips as spam.
Gotcha, well i appreciate the explanation. Makes sense!
Does the tipper score affects the allowance?
Nope, all info here: https://paragraph.xyz/@farther/farther-v2
Got this! Let's enjoy v2 then :D
pretty sure we all share the same allowance now
This is awesome. I'm so bullish on the future!
ty for the updates! @farther would also recommend 1. looking into fan tokens 2. social engagement farther cast incentives in addition to the weekly reward poll. ie users with high token score can share their earned farther with people they reply / like great job all round! 100 $farther
When I check the history of a tip I gave two days ago, it still shows that it was only given to three people. I think I actually gave it to more than 15 people. Will this be fixed?
A single tip to 15 people? I don't understand. If you mean you separately tried tipping 15 people, its likely they weren't stored because of the hub/network issues warpcast was having around that time.
Yes, I give tips to 10-15 people individually every day. Two days ago, only 3 people were listed in the history. After the 3rd person, the history didn't update that day, so I continued giving tips, but the history never updated again. Is there anything I can do about this?
that's what we need 🤘 Now we can see more quality content in the form of memes, NFTs and other things than just frames with allowance
@farther Why wasn’t I given allowance today?? Is it a or something??
If you provide the address of your balance, I can investigate
This is my wallet with the farther 0x66c1d437187e0d50f42a482502F4a8D3705992Ed I would love if you could help me out.
So that means the allowance will be higher than 2k-3K ? If not then that will make people tip way less and a lot more with purpose than just distributing
All depends on token's current price. It will target $2k as the base amount and anything that is unused from the previous day gets carried over. And yes hoping that this will change behavior for the better.
Well the behavior will go towards who people know and loyalty … imo 100 would have been perfect for distribution to non tippers and those who you are loyal with…. I might be wrong on that though
love it! I said 150 but 200 works too.
Keep cooking, I dig it 200 $farther
Am I understanding that $FARTHER no longer has a minimum tip amount and the goal is to tip a diverse array of users?
No minimum for now but we may bring it back soon. The goal is to increase your tipper score, which is explained in this post. Distributing widely no longer makes a difference. It's actually better to be deliberate and targeted with your tips. Think quality > quantity. :) https://paragraph.xyz/@farther/farther-v2
Oh hey! I love that! Thank you for getting back to me and the frame!
This is a step forward, what a great update
You're correct 100 $farther
Sweet 🍖x20
I don't think it's a great idea
oh? Why not?
Min tip = you can tip more user No min tip = you can all over in a single tip
YeaAh 33 $farther 🍖x33 33 $regen
Thank you Emily 🍖x20
It's difficult. 200 $farther
Thank you! Trying to understand new Farther rules and Moxie fan token rules simulatanously
It's challenging with so much to remember. I’m always grateful when kind friends help me out in times like these.
Yeah I think so
Sweet
I wish I knew 😅
I guess there isn't one now.
yes Lauren, no minimum tip However, in dispensing the tips, quality over quantity
Tips are coming through again so the Warpcast hub issues must be resolved. Also good news: tipper scores have started populating on the leaderboard! If you don't have a score yet, its because there isn't enough data yet. https://farther.social/tips/leaderboard
yes hubs are hubbing lesgooo
Tip down a lot 🥹
why our tips down 1500 around and now there is no minumum tip ?
Explained here: https://paragraph.xyz/@farther/farther-v2
Farther V2 has officially started! ✨ Tipper scores should populate in the next couple hours ✨ Tip recipients must have at least 100 followers ✨ No tip min, however if the average amount drops too low, we may need to enforce a min again Let me know if you have any questions
would you be in favor of folks using @microsub to support creators with their Farther allowances?
Congratulations on completion of another season! Claiming was smooth! Thank you 🙏
Show an example on how tipper score works pls 🙏🫡
Gm friend, Even though I've already distributed all my allowance, I don't appear on the Leaderboard. What could be happening?
The leaderboard is only showing people who tipped in the new season. It will be fully populated after the next cycle. :)
Do we need to swap v1 to v2?
No I'm not sure what you mean
I mean v2 is the same farther token? Or just tipping is new version!
I just made a 100k farther earlier today about an hour ago and the question is. Should I have my allo in the next reset?
I liked the tip minimum. Was one of my favorite parts about Farther ✨
I've heard that from a lot of people. I think we'll bring it back. The average tip size is way too small right now.
Love to hear that 🙌 I think it definitely makes the feeling of receiving a farther tip a lot better 🙏
Yes,I agree. I think it's better to have this for now🤍
Me too ✨
No Tip Minimum?? That’s a game changer as I was giving out too much farther away to non tippers and now I gotta check if recipients got 100+ followers … well played plus validator .. I am set
How about maximum? 25% still apply?
No max aside from your daily allowance. Not sure what 25% refers to. 🤔
Like before season only can tip someone 25% of your allowance. It is still apply in v2?
I actually liked the tip minimum
Farther design principles (work-in-progress): ✨ Keep it simple ✨ Start small & iterate ✨ Learn from others' mistakes (ex: bonding curves) ✨ Build on existing behavior (tips) ✨ Prioritize social experience over financial ✨ Make it fun!
love it! now just need some long-term supply/demand pressure…
Always make it fun!
Been enjoying farther so far, looking forward to seeing how V2 plays out
This was my first season I got an allowance, and I absolutely loved participating in it. Tbh, I’m a little worried about next season. If we’re being candid, I don’t think these tips will really resonate with people totally new to Farcaster and won’t influence their retention one way or another (not because of anything wrong with the token but even most newbies will ignore it). If it’s intended to be a prediction market play, that puts it very squarely up against Moxie this season, and they have the attention and momentum right now. It’ll be impossible to compete with that. IMO, slight tweaks to weed out farmers would be wise, but a totally new playbook might put Farther on the same trajectory of other tokens which over-pivoted. Just my friendly 2 cents coming from someone who really enjoyed the mechanics this season and not as optimistic next season.
I appreciate the feedback. I detailed all the reasons why V2 is an improvement here: https://paragraph.xyz/@farther/farther-v2 As for Moxie, all I will say is it is starting from an extremely high valuation and there is a graveyard of projects involving fan tokens on bonding curves. I wish them the best though.
I hear ya and generally agree regarding fan tokens with bonding curves. I’m still rolling with Farther, and I’d love to be very wrong about my thoughts.
1000 $farther
And It's really neat🫶🫶🫶
Rooting for farther. 300 farther
Today's tipper score dropped by over 100 points compared to yesterday. It's really hard to predict.🤔 Frame by @saxophone55.eth
I'm supporting you through @microsub! microsub is now in public alpha for $DEGEN, with support for HAM coming soon. 🍖x234 (Please mute the keyword "ms!t" if you prefer not to see these casts.)
Farther together fam💙
We still go farther 177 $farther
Very useful. Thank you. 200 $farther
How did you calculate the tipper score ? It's for current season or next ?
It seems to be the points that will be used for v2 starting in August. Apparently, it changes based on your OPENRANK score. https://paragraph.xyz/@farther/farther-v2
Yeah have read it already ,much excited for next season , I'd be there !
I don't hav it but Cool frame farther 69 $wild 69 $tree
🫡 177 $farther
@saxophone55.eth same with me brotha I don't know how it works but let's go farther together 180 $farther
so hard to predict that saxo haha happy sunday my bro
We still vibing and still moving far 🍖x100
✨farther✨ Frame by @saxophone55.eth
I'm supporting you through @microsub! microsub is now in public alpha for $DEGEN, with more tokens coming soon. 🍖x233 (Please mute the keyword "ms!t" if you prefer not to see these casts.)
Farther together fam
wowowow love frame
Go farther ✨✨
Let's Go farther 22 $degen 69 $tree
good frame!! 300 farther 🍖 x 555
Does tip score must be higher or lower?
Seems like it's some kind of bonus points given in v2. I don't fully understand it yet either... https://paragraph.xyz/@farther/farther-v2
Farther we together 🙌
I wanna know my tipper score too :(
I like your frame 180 $farther