Farcaster’s Monthly Revenue Plummets by 96% from February Peak

In October, the revenue of the DeSoc project Farcaster amounted to approximately $15,825, marking a 96% decline from its February peak of $415,900, according to data from the Dune dashboard. 

In September, the platform earned $32,840, reflecting a drop of more than half. 

Farcaster gained popularity earlier this year following the launch of the Frames functionality and the Warpcast client application. The former allows developers to embed various interactive features directly into messages, while the latter provided a more user-friendly interface. 

At the time of writing, the number of unique users of the Web3 social network reached 868,895. However, the platform’s DAU has been rapidly declining since July, with the figure standing at around 30,000 on October 23. 

“Farcaster has succeeded in creating a cohesive community among the tech elite and cryptocurrency enthusiasts seeking more serious discussions beyond X,” stated The Block analyst Presto Research Min Jung.

He attributed the slowdown in protocol activity to weak user engagement, a lack of new projects, and the low effectiveness of ecosystem tokens. 

According to an August study by CoinGecko, 84% of crypto users spend most of their time on platforms like X, Telegram, and YouTube for thematic information.