Guide to Join the Farcaster Airdrop: The SocialFi Project that Got Vitalik’s Attention
When we think of Web3 and dApps, we often focus on DeFi and GameFi. However, another highly promising sector gaining attention is SocialFi. Among the SocialFi applications in the market, one project has raised $180 million in two funding rounds and received support and praise from Vitalik, the creator of Ethereum.
Let’s explore this highly promising project and learn how to join the Farcaster Airdrop.
Farcaster
Farcaster project
Farcaster is a sufficiently decentralized social network built on Ethereum.
It is a public social network similar to Twitter and Reddit. Users can create profiles, post “casts” and follow others. They own their accounts and relationships with other users and are free to move between different apps.
- Decentralization and Control: Farcaster operates on a sufficiently decentralized network architecture. Users can control their social graph and interact with various apps using a single decentralized identity. Imagine it as a unified platform where social apps like X, Instagram, and Facebook coexist, and users can connect them all with one decentralized ID. Even if an app imposes restrictions, users retain their identity and can seamlessly migrate connections to alternative apps on the network.
- Open and Accessible: Farcaster is permissionless and open-source, allowing anyone to build applications by plugging into APIs or other apps. Developers gain access to public data available on the network, enhancing software functionalities and user experiences.
- Benefits of Building on Farcaster:
- User Flexibility: Farcaster integrates various namespaces, including decentralized identity systems like ENS. Users can adopt multiple usernames, simplifying onboarding and creating a user-friendly experience.
- Global State: Farcaster stores user data on a resilient network of servers called ‘Hubs.’ Even if a server fails, data remains accessible, supporting smooth development processes and enhanced user experiences.
Farcaster is a SocialFi protocol that brings decentralized social applications. The project empowers users to control their data, and developers can build applications without requiring licenses from third parties.
In simple terms, Farcaster is a type of social network that focuses on user-controlled information. Users can switch between apps built on this platform quickly using a single, owner-authenticated account.
Funding and backers
In its first funding round, Farcaster raised $30 million, and in the subsequent round, it secured an additional $150 million from numerous prominent and reputable investors in the crypto space. These impressive figures are a testament to the project’s immense appeal and potential.
Among the investors who participated in the funding rounds are some well-known heavyweights in the crypto space, such as Coinbase Ventures, a16z, and Paradigm.
With significant potential and substantial funding, there is ample reason to believe that the project will offer a generous airdrop for users. Additionally, the dApps built on Farcaster are also likely to base their airdrops on user activity on the platform.
Farcaster Airdrop Guide
Register a Farcaster account
When you visit the official Farcaster website, you will see the Warpcast application. Warpcast is a social app developed and published by the Farcaster team. Therefore, all activities will take place on this decentralized social network platform.
Steps to Get Started:
- Download the Warpcast App: Available on Android or iOS.
- Create an Account:
- Open the Warpcast app.
- Choose the option to create a new account.
- Save your recovery phrase.
- Email Verification:
- Enter your email.
- Confirm the email sent to your inbox.
Note: To prevent spam or bot accounts from being created for the airdrop, there is a fee of $5/year to create a Warpcast account. This small investment, just $0.48/month, is minimal compared to the potential opportunities.
- Payment:
- After successful payment, your account will be created.
Once your account is set up, you can start exploring the social features of the Warpcast app.
Explore the space
As a SocialFi project, the criteria for airdrop will definitely be the level of interaction and activity of users on this social channel, specifically Warpcast.
Warpcast has a format and interaction style similar to X (formerly Twitter), which helps most users quickly get accustomed to the application. Here is a list of things you should do:
Increase followers
Having a large number of followers will be a huge advantage for you. To increase followers, take advantage of your relationships, invite friends and family to join and follow you, and make sure to follow them back as well.
Another way is to find groups that specialize in cross-following to increase followers; this is a quick, simple, and mutually beneficial method in the long run. Interacting a lot will help you earn a “Power Badge,” which will significantly aid in further increasing your activity level.
Cast your “spell”
The action of posting, commenting, or replying on Warpcast is called “cast,” similar to how “tweet” works on Twitter (now rebranded as X).
You need to frequently “cast” by posting, commenting on others’ posts, liking posts, replying to comments—basically, perform all actions that can increase the interaction and activity of your account.
Keep your “Streak”
Currently, Warpcast has two types of pages: Users and Channels. When you follow a channel and cast on it daily, you will get a streak for your personal account. Streaks are counted for only one channel; you can choose the channel to accumulate streaks on your personal profile.
After choosing, you will cast on that channel daily. The streak resets every 24 hours and does not count the number of times you cast, so if you don’t have much time, you can cast at least one post on that channel each day. However, the more active you are, the better.
Opportunities and Risks
Farcaster can be seen as one of the very large projects recently, bringing many opportunities but also certain challenges.
Opportunities
Farcaster has raised a huge amount of capital up to $180M, with very reputable investors. This proves that this project is considered extremely potential by many experts.
- Huge Capital: This will partly reassure participants a lot because with such a large amount of capital, the project will be very difficult to fail. Additionally, to receive that capital, the development team must have earned the trust of many investors.
- Big Investors: The names contributing capital to the project are all big and reputable in the market, such as Coinbase Ventures, a16z, and Paradigm. This proves that this is a good project with great development potential in the future.
- New Project: The project has only recently launched and can be considered a new project. Therefore, there is still plenty of time for users to join and increase interaction, allowing users to accumulate a considerable amount of activity before a snapshot and airdrop.
Risks
In the Web3 space, nothing is certain, and we always need to be cautious:
- Unconfirmed Airdrop: There is no official confirmation from the project, so there is still a possibility that there will be no airdrop. However, that possibility might be quite low because the project is highly regarded. Additionally, users have to pay extra fees to participate, providing the project with a large amount of capital. Moreover, many dApp projects built on Farcaster have already given significant airdrops to users.
- Large Reputation and User Base: Farcaster has probably created a big buzz. With a large amount of capital and a good product, the project has attracted a certain number of users. Remember that the more people receive the airdrop, the less the reward amount might be. However, this is a good project with a highly applicable product, so there are many reasons to believe in a large airdrop in the future.
How to use KEYRING PRO Wallet to join Farcaster
When creating a Warpcast account on Farcaster, users will then need to link an Ethereum or Solana wallet to their account. This linking process implicitly suggests that any airdrops from the project will go into this linked wallet.
KEYRING PRO Wallet will help you perform this task simply and quickly because it allows users to easily create Ethereum and Solana wallet addresses, along with many other wallet addresses from different chains.
