Low-cost investment, massive funding: social protocol Farcaster interaction strategy

2024.06.19

Low-cost investment, massive funding: social protocol Farcaster interaction strategy

The Four Heavenly Kings are over, but there's a new triumvirate—Monad, Berachain, and Farcaster.

2024.06.19 - 13:17:45

Navigating Web3 tides with focused insights

The Four Heavenly Kings are over, but there's a new triumvirate—Monad, Berachain, and Farcaster.

By: TechFlow

With LayerZero launching its token amid widespread criticism, the much-anticipated wave of high-profile project airdrops has temporarily come to an end. Incidents like zkSync's insider trading and LayerZero's witch hunts have further dampened community enthusiasm, with some veteran users bluntly stating that the golden era of farming is over.

But as long as the market exists, new projects will continue to bring fresh opportunities.

The "Four Heavenly Kings" may be gone, but there are now three new rising stars—Monad, Bearchain, and Farcaster.

All three have recently announced massive funding rounds, offering abundant opportunities. Rumors are also circulating that Farcaster might launch a token soon, significantly increasing the importance of user engagement and making it a must-farm project. DeepChain has previously published interaction guides for Monad and Bearchain. Today, we’ll walk you through engaging with Farcaster, the promising social protocol that just announced a major fundraising round last month.

Funding Background

Farcaster’s funding credentials are strong. In May, it announced a $150 million Series A round at a $1 billion valuation, led by Paradigm and joined by top-tier investors including a16z crypto, Haun Ventures, Union Square Ventures, Variant Fund, and Standard Crypto.

How to Participate

Farcaster itself is a base-layer protocol, while Warpcast is the application layer built by the Farcaster team and currently the most popular app in the ecosystem. The primary way to engage is by registering and using Warpcast.

Registering Warpcast

Currently, Warpcast can only be downloaded via the Farcaster official website or mobile app stores, and registration must be completed on mobile.

Registering requires a $5 payment (surprisingly, only fiat is accepted—a notably centralized approach).

Before payment, the system generates a new set of recovery phrases for you, serving as your Warpcast interaction address—similar to FriendTech.

After registration, scan the QR code with your phone to log into the web version for easier interaction.

*If you have a Phaver Level2 account, you can directly claim a free Farcaster account through the Phaver ecosystem

Link Your Active Base Address

Warpcast allows you to link commonly used active wallet addresses, keeping them separate from the default Warpcast wallet.

This ensures your regular active wallets also gain eligibility for potential Warpcast-related airdrops. For example, @Spectral_Labs previously distributed airdrops to active Warpcast users. If you’ve linked your main wallet in advance, both addresses could qualify.

You can use your linked Base wallet or the Warpcast-bound wallet to explore Farcaster Index and trade meme coins within the Farcaster ecosystem, such as the popular $Degen and $Nouns.

Additionally, consider purchasing a Farcaster OG NFT. The current floor price is 2.3 ETH, with a total supply capped below 1,000 (optional—proceed according to your budget).

Platform Engagement

Post, Comment, and Like

Using @Spectral_Labs's airdrop criteria as reference, Warpcast users should aim for at least 10 followers, 10 posts, and 10 likes—a clear filter for active participation.

Note: By default, your posts are only visible to your followers. If you're new and have no followers, your content won't gain visibility.

To increase exposure, post within popular community channels such as /crypto, /build, /base, and especially /degen—which previously awarded large airdrops to active members. You can access these channels via search.

Actively comment and like others' posts—this is the fastest way to become recognizable and gain followers.

Experience Frame Features

Frames are interactive modules within Warpcast that allow users to perform various on-chain actions directly in the app—such as voting, minting NFTs, playing mini-games, or claiming airdrops.

Frame performance can be slightly laggy, but core functionality remains usable. Consider creating your own Frame to potentially boost future airdrop weight.

If unsure which communities or Frames are trending, check out Dune’s Farcaster analytics dashboard to discover current hot topics on Farcaster.

Purchase and Use Ecosystem Token $Warps (Requires Spending)

$Warps is the in-app currency of Warpcast. Good news: it can be purchased using cryptocurrency—$5 buys 500 $Warps.

You can also earn $Warps by inviting others to join Farcaster.

$Warps can be used to:

Create your own channel (2,500 $Warps = $25)
Tip other posters
Connect your Warpcast account to other apps in the Farcaster ecosystem
Post in certain premium, paid channels
Mint NFTs

Creating and managing your own channel may increase your eligibility for future Farcaster airdrops. Readers with the means are encouraged to mint their own channel.

Note: $Warps is not blockchain-based; it's a centralized in-platform token. Warpcast officially recommends actively spending your $Warps rather than hoarding them.

Earn the Power Badge

The Power Badge is a verification badge awarded by Warpcast to highly active, genuine users. It's non-permanent, and holding one may increase your chances of receiving future airdrops.

Official Power Badge criteria include:

User activity—using Warpcast multiple times per week.
Popularity among existing Power Badge holders—measured by comments, reposts, and likes from other Power Badge users.
Whether your content is flagged as spam by other Power Badge users.

Clearly, the goal of the Power Badge is to incentivize authentic, consistent engagement—posting meaningful content and actively participating in the community as a real user.

Summary

Engaging with Farcaster today involves some cost, with no upper limit on investment—participants can choose their level of involvement. To avoid poor ROI, we recommend focusing on building a few high-quality accounts strategically and genuinely contributing to the ecosystem. Given the growing convergence among decentralized social protocols, being active on Farcaster can benefit your presence across other platforms too. Consider linking your Warpcast (i.e., Farcaster) account to other social protocol apps (e.g., Phaver on Lens) to maximize utility—one identity, multiple benefits—potentially unlocking unexpected rewards.

Useful Links: