Frames enable users to execute actions like NFT minting, token claiming, transactions, reading blogs, and answering surveys seamlessly, eliminating the need to sign transactions or leave the Warpcast app.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
The Farcaster protocol, a decentralized platform for social media applications, registered a massive 400% surge in daily active users in the weekly timeframe. With this, the daily active users have also surged to their all-time highs as Farcaster introduces mini-apps dubbed Frames to Warpcast, its social media application.
According to Dune Analytics data, daily active users on the Farcaster network experienced substantial growth, increasing from around 5,000 on January 28 to over 24,700 by February 3. The introduction of Frames to Warpcast on January 27 contributed to this surge. Remarkably, the volume of new daily “casts” has skyrocketed, exceeding two million as of February 3, representing a remarkable 1,000% increase from approximately 200,000 the previous week on Jan. 28.
Furthermore, data from The Block shows that protocol has achieved record-breaking daily revenue, witnessing an impressive surge of almost 1,500% from $2,500 on Jan. 25 to surpassing $39,000 as of the most recent day. Since its launch in August 2022, the cumulative revenue for the protocol has now reached just under $450,000.
The surge in new user activity is due to the increased interest in Frames, an innovative feature enabling users to interact with external links and applications seamlessly within the Warpcast app.
Frames empower users to perform various actions such as minting nonfungible tokens (NFTs), claiming tokens, making transactions, reading external blog posts, as well as answering surveys – all without the need to sign a transaction or exit the app itself.
Established in 2020 by former Coinbase engineer Dan Romero and Varun Srinivasan, Farcaster is described as a “sufficiently decentralized” social network. It’s important to note that Warpcast, the social media application, operates on the Farcaster network as its underlying infrastructure.
Frames leverage Farcaster’s EdDSA authentication system, eliminating the risk of wallet drain, and its cryptographic signing ensures resistance to spoofing, as highlighted by Romero. Nevertheless, the substantial increase in activity after the introduction of Frames resulted in significant traffic spikes, temporarily impacting the performance of Warpcast, as Romero reported.
According to Romero, the Farcaster ecosystem boasts more than 5 million unique follows, 6 million reactions and 2.8 million casts. These statistics are traceable to 30,000 Ethereum addresses on-chain. Notably, prominent figures such as Ethereum co-founder Vitalik Buterin have been active users of the protocol for an extended period.
The increased enthusiasm for Farcaster coincides with a period of reduced activity on other SocialFi platforms such as Friend.Tech. Daily transactions on Friend.Tech have plummeted by 96%, dropping from a peak of 540,000 in September to 20,000 as of yesterday.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
