Participate now to be eligible for any potential rewards!
Farcaster
Progress mission: 0 of 8
Rewards
Rewards
TBA
Past rewards
$500 $24,500
Details
Minimal cost
~$20
Time required
20 min.
Category
Mainnet
Rating
9/10
Risk
Low
Farcaster, co-founded by Varun Srinivasan and Dan Romero, who have experience from Coinbase, has raised $30 million. This funding, led by a16z, shows strong backing.
Farcaster is part of the growing SocialFi trend, which could lead to success. They might launch a token, adding to the potential. Their strong Twitter presence, supported by industry figures like Vitalik Buterin, increases their credibility.
However, they don't have a public roadmap yet. Also, it might take time for users to switch from traditional platforms to Farcaster.
Pros & Cons
Why is it worth it?
Strong Funding
Raised $30 million, notably from a16z, ensuring robust financial support.
Experienced Leadership
Founders with significant tenure at Coinbase, bringing valuable expertise.
Token Rumors
Speculations about a token launch, as hinted by a CEO in an interview.
Token Potential
A SocialFi platform often benefits from incentives, typically using tokens, plus a need for a payment method for storage.
Risks to consider
User Acquisition Time
Attracting users from traditional platforms might be slow, potentially delaying token introduction.
Undefined Roadmap
Absence of a public roadmap makes future planning and expectations unclear.
Incurred Costs
Participation requires covering transaction fees and potentially other expenses like storage.
How to participate?
Every opportunity has its own rules. Following these closely can significantly increase your chances of qualifying for rewards. Here’s a list of recommendations from our team to help maximize your chances of benefiting from this opportunity.
- Use the App Like a Social Media Platform: The primary goal is to use the app similarly to how you would use Twitter or any other social media app. But first, you need to create an account.
- Create an Account: You have two options for getting an account. You can sign up for a waiting list to get it for free, or you can buy it directly. Buying an account costs $1 per month, but you need to pay for one year all at once.
- Mint NFTs and Use dApps: In addition to using the app for social interaction, you can also mint the project's NFTs (Non-Fungible Tokens) and engage with various decentralized apps (dApps) within the Farcast ecosystem.
- Engage on Social Media: Follow the project’s social media channels and actively participate there. This helps in staying updated and connected with the community.