Cast (posting) activity on Farcaster, a decentralized social finance platform, has dropped by 60% in the past months, according to fresh data released today by CryptoRank.io.
What is Farcaster?
Farcaster is a cryptocurrency social media platform whose functionality is similar to the combination of the social media platform ‘X’ and the social network ‘Reddit’.
In the crypto platform Farcaster, users utilize their accounts to post text-related content, including images, and also interact with communities to talk about specific topics.
Users create accounts that come with crypto wallets that allow them to interact with Farcaster’s native token, Flower (FLOWER), and also participate in various activities, including rewarding community members/fans, among others. A good example of an active Farcaster user is Ethereum co-founder Vitalik Buterin, who regularly posts most of his articles on the platform.
However, accessing Farcaster accounts is not free as users are expected to pay $5 a year, which is much more affordable than X’s $8 per month.
This affordability is one of the reasons Farcaster experienced rapid growth in recent months. It rapidly grew from 10,000 posts a day in January 2024 to over 500,000 in March. In April 2024, the number of posts grew to 1.5 million per day following the introduction of a popular feature called Frames.
Decline in user activity
However, things look uncertain currently as user activity on the crypto platform has declined, dropping below 700,000 casts per day.
The data reported today by CryptoRank.io revealed new developments. The number of daily casts (posts) on Farcaster has dropped from more than 600,000 to about 250,000, indicating a sharp decrease in user activity despite the platform’s strong investor backing.
The drastic drop in cast activity means that the number of casting users on the platform has decreased significantly. In the recent past, Farcaster had over 47,500 casters. The decline shows a shift in market sentiment or a change in trend within the crypto social networking sector.
Both X and Farcaster are quite different social media platforms. X has a much larger audience and appeals to broader users. Farcaster serves a specific group of people, mainly crypto-naive users who interact with like-minded communities.
The decrease in activity and usage of the Farcaster platform could be due to the volatility associated with cryptocurrency or competition with the decentralized social networking sector.
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