Hotcoin Research｜Making Money in WEB3: Exploring Alfafrens: A New Chapter of SocialFi on Farcaster
Project Introduction
Alfafrens is a revolutionary SocialFi protocol built on the Farcaster protocol, supported by DEGEN and Superfluid. The project is led by @Vijay and provides a platform similar to friend.tech, allowing users to subscribe to different creators' Channels by paying DEGEN, thereby gaining access to exclusive content from creators and earning $ALFA.
Unlike friend.tech, Alfafrens abandons the Bonding curve-based Key model, adopting a dual-token mining model and implementing time-based subscription fees through SuperFluid. This model may offer a more sustainable SocialFi economic model, avoiding a Ponzi-like structure that relies on new users joining.
Project Links:
Alfafrens Homepage: https://warpcast.com/alfafrens
Vijay's Channel: https://warpcast.com/vijay
Twitter: https://twitter.com/alfafrens
Key Features
Dual-token system: Use DEGEN to subscribe to channels and earn ALFA, which can be used for staking investments.
Non-Ponzi economic model: Real subscription users and content creation form a positive economic cycle.
Anti-speculation design: Subscription fees have no supply cap, reducing the space for speculative behavior.
Current Situation
Alfafrens uses two tokens: DEGEN for subscribing to channels and ALFA for staking to earn DEGEN. ALFA is non-transferable, has a 24-hour accumulation cap, and must be claimed regularly.
Currently, the project has entered the second stage of user growth, with more ways to earn tokens and additional incentives. The project will release tokens in the third stage.
Gameplay Mechanism
By spending DEGEN to subscribe to channels, users can earn ALFA. These $ALFA can be staked on creators to earn a portion of subscription revenue. Staking on creators is also distributed proportionally, aimed at maximizing growth and returns.
Since Alfafrens charges subscription fees by the second, we can leverage, for example, with only 1000 DEGEN, we can subscribe to a channel costing 2000 DEGEN/month, but note that subscriptions will reset once the balance is depleted, while ALFA remains.
It’s best to claim ALFA when gas fees are low, and do not exceed 24 hours (the mining cap is 24 hours; if not claimed beyond that, rewards will not accumulate).
Practical Steps
Acquire DEGEN
Purchase DEGEN on Uniswap via the contract address, or buy it on centralized exchanges that support DEGEN trading, such as Hotcoin. (Purchase around 1000, approximately a dozen USD)
- DEGEN Token Contract: https://basescan.org/token/0x4ed4E862860beD51a9570b96d89aF5E1B0Efefed
After purchasing, first create an account, and then withdraw or transfer to the Alfafrens-generated wallet base chain address.
Register and Subscribe to Channels
Visit the Alfafrens website (https://www.alfafrens.com/), register an account, and subscribe to channels of interest; currently, no invitation code is needed.
You need to log in with a Farcaster account to register; refer to the previous Farcaster tutorial for registration instructions.
Recharge DEGEN to your Alfafrens wallet account: Click "Copy address" to copy the Alfafrens account wallet address, then transfer DEGEN from your wallet to the corresponding address.
After the transfer is completed, refresh the page; you can see the transfer has been credited in the upper right corner.
Go to the explore page (https://www.alfafrens.com/explore) to find users with high ALFA earnings and staking, or subscribe to each other with friends.
Click the corresponding link and then click the subscribe button at the bottom to subscribe (subscriptions are charged by time, not deducted in a lump sum).
Next step
Before subscribing, you can see the number of ALFA tokens you can earn monthly; click subscribe.
Subscription completed; other subscription operations are similar.
Create and Promote Your Own Channel
Return to the explore page and click New channel to create your personal channel and invite others to subscribe.
The fee is 500 DEGEN per month (you can earn 70% of your channel's subscription fees), click continue.
The corresponding address created will be your Farcaster account wallet address; continue.
Confirm everything is correct and proceed to create, waiting for on-chain confirmation.
After creation, you can send it to friends and directly share it on Farcaster's timeline.
Stake ALFA
Return to the homepage and click claim to collect the earned ALFA tokens. 
Go to the page of the creator you are interested in, click the staking button in the upper right corner to stake ALFA to earn more $DEGEN.
Select the amount of ALFA you want to stake.
On the same page, click unstake to withdraw your stake (you need to wait 24 hours after staking before you can perform the unstake operation).
Conclusion
Alfafrens provides an innovative economic model for the SocialFi space, potentially offering a fairer and more sustainable revenue model for content creators and subscribers through substantial subscriptions and content creation. We can participate to gain future ALFA rewards.
About Us
Hotcoin Research, as the core investment research department of Hotcoin, is dedicated to providing detailed and professional analysis for the cryptocurrency market. Our goal is to offer clear market insights and practical operational guidance for investors at different levels. Our professional content includes the "Play to Earn Web3" tutorial series, in-depth analysis of cryptocurrency industry trends, detailed breakdowns of potential projects, and real-time market observations. Whether you are a newcomer exploring the crypto space or a seasoned investor seeking deeper insights, Hotcoin will be your reliable partner in understanding and seizing market opportunities.
Risk Warning
The cryptocurrency market is highly volatile, and investment carries risks. We strongly recommend that investors fully understand these risks and invest within a strict risk management framework to ensure the safety of their funds.
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