Ethereum’s co-founder, Vitalik Buterin, has expressed his admiration for Farcaster, a decentralized social media platform gaining traction in the crypto sphere. Unlike many other blockchain-based social networks that have risen and fallen, Buterin believes Farcaster has the potential to endure.
Buterin’s Support for Farcaster
Responding to a Twitter discussion on Monday regarding the shortcomings of Friend.tech, another decentralized social application that experienced a swift decline after gaining significant attention, Buterin seemed to dismiss the platform’s prospects due to its speculative nature. Contrary to Friend.tech’s reliance on “financial speculation as a substitute for fun,” as Buterin suggested, the Ethereum creator praised Farcaster, along with another decentralized social media protocol called Lens, as platforms with lasting potential.
"Bad gamefi is using financial speculation as a substitute for fun. Blockchain games need to be fun as games" – approx quote I've said many times
I believe a similar thing for crypto social.
Registering a prediction: farcaster and lens will NOT be deserted in 4 months, or 1 yr.
— vitalik.eth (@VitalikButerin) February 5, 2024
The Rise and Fall of Friend.tech
Friend.tech gained significant popularity last summer by allowing users to trade shares of their friends’ social media profiles. However, critics quickly labeled it as a Ponzi scheme, attracting users mainly interested in quick profits. As anticipated, the platform’s activity plummeted within months of its peak. At present, daily transaction volumes on Friend.tech have dropped by 99.6% from their highs in September, according to data from Dune.
Farcaster’s Unique Features
In contrast to Friend.tech, Farcaster operates without a primary focus on financial incentives. Its decentralized network of social media applications offers features similar to traditional social media platforms while prioritizing privacy, resistance to censorship, reduced bot activity, and user-friendly technological innovations. One such innovation, Frames, has significantly boosted Farcaster’s popularity by enabling users to perform various functions within the app, such as gaming, online shopping, and minting NFTs, without navigating to external platforms.
Farcaster’s Remarkable Growth
In the past week, Farcaster has experienced a staggering 1,300% increase in user activity, largely attributed to the success of Frames.
While similar surges have occurred with other on-chain social media platforms, including Friend.tech, Buterin expresses confidence that Farcaster’s recent success indicates a more sustainable trajectory.
