Valuation of the agreement is 1 billion dollars, inventory of the top 10 quality channels in the Farcaster ecosystem
"Post, post, post in the big channel, maybe a lot of airdrops will arrive at your home tomorrow."Author: Wenser (@wenser2010), Odaily Planet Daily
In May, the decentralized social protocol Farcaster announced the completion of a $150 million funding round, led by Paradigm, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto, and others, achieving a valuation of $1 billion and entering the "unicorn club"; on July 2, the total revenue of the protocol surpassed $2 million, and the total number of users exceeded 570,000. It can be said that Farcaster is now the hottest social protocol in the crypto industry, without exception, and according to sources, "like most protocols, Farcaster is expected to launch a token, and investors will be eager to capture its fully diluted value."
Previously, in the article “Analyzing Spectral: Raising $30 million and Airdropping 8 million Tokens”, we also mentioned that active users of Farcaster (specifically, those who have 10+ likes, 10+ followers, 10+ content posts, and 10-200 interactive contacts) are also among the airdrop recipients. Therefore, staying active in quality channels may have a significant boost for future token airdrops.
Odaily Planet Daily hereby reviews and introduces the top 10 quality channels in the Farcaster ecosystem for readers' reference, and compares them with mature platforms next door to glimpse their growth potential.
Decentralized Channels: A Channel is a "Decentralized World"
On May 18 this year, Farcaster co-founder Dan Romero stated, "We are decentralizing Farcaster channels. Different channels will operate on-chain and remain independent, similar to user accounts. If you build a community channel, you decide the membership of that community, not a centralized platform. Additionally, the protocol version of the channel will give channel creators flexible disposal rights in terms of ownership, management, and economic systems. We hope to fully decentralize channels by the end of summer, meaning they will not rely on the Warpcast client."
It must be said that Dan, coming from Coinbase, may have had reservations about centralized platforms, thus striving to avoid the "centralization problem" in his own startup. The Farcaster client is also a rare example of "a hundred flowers blooming" among numerous social protocol ecosystems—this includes not only the semi-official Warpcast but also early ecosystem applications like Supercast, Kiosk, international-oriented applications like Phaver and Firefly App, and even independent developer applications like Recaster.
Perhaps in Dan's vision, the "ownership-management-economic system" of a channel resembles a combination of "LEGO bricks," where different components lay the foundation for the stable operation and circulation of a channel's "permissions-content-economic elements," thus endowing it with a certain degree of "anti-fragility."
Farcaster co-founder Dan Romero's vision for decentralized channels
Moreover, Dan previously responded to users' comments about wanting Warpcast's core to not be limited to English users, stating that Warpcast is an American team with no plans for international expansion. The team believes it can create an excellent client for English users but does not yet have enough bandwidth to serve international users well.
Thus, the growth potential for the Farcaster protocol and more localized clients remains highly imaginative. Without further ado, here are what I consider the top 10 quality channels in the Farcaster ecosystem, suitable for "content farming" while also building one's "industry reputation" through quality content.
1./base
Address: https://warpcast.com/~/channel/base
Followers: 360,000
Posting Threshold: 840 Wraps
As the "star project of Onchain Summer" created solely by the Base ecosystem, the base channel is undoubtedly the most active, cohesive, and best-building atmosphere within the Farcaster ecosystem. With the backing of "industry bigwigs" including Base protocol lead Jesse Pollak, Farcaster co-founder Dan, and Coinbase CEO Brian Armstrong, the posting threshold for the base channel is understandably high—users must pay the equivalent of $8.4 in Wraps (the currency of the Wrapcast platform, which can be used for tipping or charging) to "cast" (post).
Here, you can post anything about the Base ecosystem, whether it's a meme coin project, some thoughts or suggestions on the development of the Base ecosystem, or a free mint NFT. Relatively speaking, the Base ecosystem welcomes all builders to participate in its construction. Additionally, the /onchainsummer channel is also worth following within the Base ecosystem (with around 12,000 followers).
Channel Introduction
2./farcaster
Address: https://warpcast.com/~/channel/farcaster
Followers: 297,000
Posting Threshold: None
As the official channel, the Farcaster channel is one of the earliest channels and is also very tolerant of all content. You can discuss anything related to Farcaster here, and official personnel, including Dan, will respond and engage with certain posts in a very calm manner. For example, this post released yesterday provided a positive response to users complaining about Wrapcast, showing considerable sincerity—not only giving a brief explanation of Farcaster's user onboarding mechanism but also mentioning some tips for Farcaster users to gain attention and welcome on the platform.
Channel Introduction
3./Memes
Address: https://warpcast.com/~/channel/memes
Followers: 318,000
Posting Threshold: None
As the "greatest common divisor of human culture," memes play a crucial role in attracting and communicating with humanity. Therefore, like forums such as Reddit and 4chan, the Memes channel is also one of the most active channels on Farcaster. Here, you can share internet memes or even some so-called "internet jokes." The important thing is not how many likes and comments you get, but the vibe of having an "online postmodernist carnival" with your "internet family."
Channel Introduction
4./degen
Address: https://warpcast.com/~/channel/degen
Followers: 92,000
Posting Threshold: None
Degen is a typical "community meme" project, but it goes beyond just meme coins. The official account of Project X was established in January this year, but riding on the coattails of the Base ecosystem, the DEGEN token has gradually become a unique "circulating currency" within the Farcaster ecosystem. Moreover, the previous collaboration with the Web3 infrastructure Syndicate to launch the Layer 3 network Degen Chain is also an excellent example of a "token-generating chain." Previously, according to official news, the number of DEGEN token holders exceeded 500,000 within six months of its launch, which is an extremely impressive achievement.
The Degen channel is also a mixed bag, filled with various promotional information and some quality alpha information, so the channel introduction explicitly states—"does not constitute investment advice." Of course, quality content in this channel is relatively easier to receive DEGEN token tips. It is worth mentioning that members of the /mfers channel (with around 17,500 followers) are also very active in this channel, making it worth interacting with. 
Channel Introduction
5./ethereum
Address: https://warpcast.com/~/channel/ethereum
Followers: 256,000
Posting Threshold: None
As one of the former "die-hard fans" of Ethereum, it is not surprising that the official channel of Ethereum in the Farcaster ecosystem has such a level of followers. Moreover, compared to the noisy public social media on the X platform today, the niche channels in the Farcaster ecosystem have become one of the few places where many "industry bigwigs," "OGs," and well-known founders are very active, and the topics discussed are also very broad. If you are a tech enthusiast or someone researching the Ethereum ecosystem, you can participate more here.
Channel Interface
6./founders
Address: https://warpcast.com/~/channel/founders
Followers: 161,000
Posting Threshold: None
As a channel where Farcaster co-founder Dan insists on checking in daily to earn Streak, the Founders channel gathers many project founders and co-founders. Even Coinbase CEO Brian Armstrong previously posted here, highly praising the work of Farcaster's two founders. Moreover, Dan has also previously initiated an AMA event with Brian in this channel, making it a good external publicity window.
Channel Interface
7./crypto
Address: https://warpcast.com/~/channel/crypto
Followers: 8,700
Posting Threshold: None
Compared to the previous channels, the number of followers in this channel has dropped a level, but it is still a channel worth mentioning. After all, crypto's industry influence is growing, and the management of this channel is relatively strict. The channel introduction explicitly states: "General discussions about cryptocurrencies, from their uses and technologies to their culture and philosophy. Garbage information about prices, charts, gambling, etc., will be hidden or banned. Please check the channel rules."
Channel Interface
8./fitness
Address: https://warpcast.com/~/channel/fitness
Followers: 92,000
Posting Threshold: None
Fitness is also an important part of a "niche ecosystem," thus attracting nearly 100,000 followers. Additionally, this channel is also a common active area for many bot accounts or "posting for tips" types of "E-beggars"—the other two are the /food channel (with around 86,000 followers) and /design (with around 178,000 followers).
As Dan mentioned, usually, when new users log into Wrapcast for the first time, they will see this channel and other similar channels in the recommended channels to help users "integrate into the Farcaster ecosystem and communication environment."
Channel Interface
9./nouns
Address: https://warpcast.com/~/channel/nouns
Followers: 72,000
Posting Threshold: None
As one of the well-known cultural symbols in the cryptocurrency field, Nouns also has a significant following and spread within the Farcaster ecosystem. Although the final outcome of Nouns DAO was not ideal, discussions about Nouns' decentralized governance structure and the spirit of "freedom, openness, optimism, and crypto-punk" conveyed by the Nouns symbol still have considerable market appeal. This is also why you often see a symbol resembling a pair of glasses 👓 in many landmarks or promotional posters.
Channel Interface
10./Warpcast
Address: https://warpcast.com/~/channel/warpcast
Followers: 40,600
Posting Threshold: None
Yes, as the official client, Warpcast also has its own channel, but it seems more like a "customer service forum"? Nevertheless, it serves as a feedback channel apart from direct communication with Dan and the two Farcaster co-founders.
Channel Interface
Conclusion: Clear Gathering Effect of Active Users, Ecosystem Still in Early Stage
According to a data report from April this year, the total number of users of Reddit, a well-known internet forum established in 2005 and publicly traded in the U.S., is approximately 500 million, with over 100,000 active sub-forums, more than 500 of which have at least 1 million subscribers. The most popular subscribed forum is r/funny, with over 55 million subscribers.
In contrast, the current total user count of Farcaster, which is only 570,000, is like a "newborn," thus active users mainly gather in a few channels like /base and /farcaster, indicating that the ecosystem is clearly in its early stages. The economic system supported by Wraps and DEGEN, as well as the $5 threshold for application downloads and usage, also indicate that Farcaster is not yet fully prepared for large-scale expansion.
Furthermore, compared to the Web2 crowd, the Web3 crowd may have a stronger willingness to pay, which is one of the important reasons why Farcaster can achieve over $2 million in protocol revenue with hundreds of thousands of users.
From the horizontal comparison between Reddit and Farcaster, it can even be said that the latter has a growth potential that could be a thousandfold, which may also be why star capital like Paradigm and a16z crypto are willing to place heavy bets in the "next generation decentralized social track."
As for whether it can truly become a world-class social application like Reddit, X, or even Facebook and Instagram, only time will tell us the answer.
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