Welcome to Farcaster 101, a 12 part educational series designed to introduce marketing professionals to the fundamentals of Farcaster. Presented by GM Farcaster in partnership with Snickerdoodle, this series will help you understand what makes Farcaster unique and how to grow your brand presence on the platform. Each webinar is accompanied by a blog post summarizing key insights and additional resources. Plus, we offer weekly office hours for personalized support.
Module 8: Memecoins and Use Cases
In Module 8 of our Farcaster 101 series, we're exploring the dynamic world of meme coins on Farcaster. In this module, we’ll dive into the history, culture, and mechanics behind the meme coins that have become a defining feature of Farcaster’s ecosystem.
The First Farcaster Meme Coins
Unlike traditional social platforms, Farcaster’s blockchain-based structure allows for financialization to occur directly within the social network. Each user receives an Ethereum wallet, creating opportunities for tipping, rewards, and various token interactions. Meme coins, which are lighthearted and community-driven, have taken root here in ways that are uniquely aligned with Farcaster’s ethos.
In our module we introduced you to the first generation of meme coins that appeared on the Farcaster scene in late 2023, including:
1. Points – The Original Meme Coin
The first meme coin on Farcaster, Points, launched on mainnet and set the stage for what meme coins could achieve within a social context. Although Points didn’t maintain long-term traction, its airdrop to OG NFT holders demonstrated how meme coins could quickly capture the community’s attention.
2. Farts – Supporting Purple DAO
Following Points, Farts entered the scene as a meme coin with a mission. Launched to support Purple, a DAO funding Farcaster builders, all proceeds from Farts were funneled into Purple DAO’s treasury. This integration highlighted meme coins' potential to support community-driven projects.
3. Wowow – Built from Farcaster’s Culture
As an example of a token inspired by existing memes, wowow turned a popular Farcaster reaction into a meme coin. Typing “wowow ” on Farcaster even transformed the reaction symbol into the wowow emoji, adding a playful touch. Though its popularity was brief, wowow paved the way for meme coins built on social culture.
Degen and the Invention of Tipping Mechanisms
Launching in early 2024, Degen introduced a unique tipping mechanism, enabling users to tip each other directly in the feed. This feature sparked a massive influx of users as Degen’s popularity spread. Through its phases of distribution, the token remained active and engaging, as users tipped Degen across casts, and even used it to buy Girl Scout cookies through Frames.
Ham, Moxie and More
Ham was next to come on the scene. It operates with similar tipping mechanics as Degen but with a unique ham bone emoji for tipping. Active community members can find more details on ham.fun. Ham has created its own lively following on Farcaster.
Developed by Airstack, Moxie introduced an algorithmic approach to token distribution. Instead of relying on tipping, Moxie rewards users based on likes, recasts, and replies, creating an organic engagement model that benefits content creators.
Higher
Launched by creatives within the Farcaster community, /higher brings a fresh focus on aspirational memes and building a positive, creative culture.
Apps and Integrations
Memecoins are fun in and of themselves, but they also represent experiments in social and financial interactions. Integrations with apps like BountyCaster, Paybot, and cast actions allow users to leverage these tokens in games, bounties, and other unique interactions. Developers are using Farcaster’s open network to build composable, experimental tools that expand on meme coins’ utility.
AI & Memecoins
One of the latest developments is Clanker, an AI bot that creates meme coins with a simple mention on Farcaster. This technology marks an interesting shift in how users can create and interact with tokens—making it so easy that we started seeing other bots can launch coins. Check out our recent interview with Proxy Studio, the developer behind Clanker, in Episode 181 for more insights.
What's Next
While meme coins are fun and central to Farcaster’s culture, they come with inherent risks. Tokens are highly volatile, so approach them with caution. We often remind our community to treat meme coins like a casino and only invest what you’re willing to lose.
In our next module, we’ll explore content creation on Farcaster, sharing insights from top creators and practical tips to enhance your presence. Join us for more in this educational journey, and as always, our office hours are open for any questions!
More Resources
The Snickerdoodle State of Farcaster 2024 report
The official degen website: degen.tips. Degen founder Jacek came on GM Farcaster episode 51 on January 23, 2024 when degen first launched and returned for episode 86 on April 9, 2024. (Ep51 YouTube or Mint, Ep86 YouTube or Mint)
Ham.fun for more information about Ham
Moxie.xyz for more information about Moxie
Explore the AI Bot Clanker that creates tokens
Just for fun: check out two hilarious videos created by afrochicks that show how new users might feel in the Farcaster feed: https://warpcast.com/afrochicks/0xfc01e503 and https://warpcast.com/afrochicks/0xfdae7171
