From January 25, the day before the launch of Frames functionality, to February 3, the number of daily active users of the social protocol Farcaster on OP Mainnet increased 9.3 times — from 2,700 to 25,000 (ATH). This was reported by The Block.
The number of content creators in social applications based on the protocol rose from 2,400 to 19,100 during this period.
The overall growth in views and reactions on Farcaster was even more pronounced — from 11,000 to 127,000 and from 29,000 to 514,000 respectively.
According to The Dune, the number of unique reactions on Farcaster reached 110,976.
At the time of writing, more than 87,000 addresses are connected to the protocol, and over 150,000 signatures have been executed.
Farcaster’s daily revenue reached a record $39,000 (+1500% since January 25). Since its launch in August 2022, the figure has approached $450,000.
Frames allow developers to embed various interactive features directly into Farcaster messages, known as Casts.
The new mechanics enable the use of most protocol functions without the need to sign transactions or follow external links.
For instance, users can issue NFTs, play games, and perform instant checks directly from the social feed without leaving the platform.
.@varunsrin just announced Farcaster Frames pic.twitter.com/JMBDIwowKs
— Dan Romero (@dwr) January 26, 2024
The innovation has increased the interactivity of Web3 social network content.
Frames operate on Farcaster’s EdDSA authentication system. In other words, there is no risk of wallet loss. Since Frames are cryptographically signed, they cannot be forged, according to developers.
An easy to miss part of frames is it’s powered by Farcaster’s EdDSA auth system.
1. UX — every Farcaster user already has an EdDSA in the app they are using whether Warpcast or Supercast or something else. Every Farcaster client supports frames under the hood.
And for…
— Dan Romero (@dwr) January 29, 2024
The surge in activity triggered by technological innovations led to massive traffic spikes, temporarily reducing the performance of the Warpcast client.
Warpcast update
We’re getting huge traffic spikes from certain countries, so there’s going to be degraded performance for at least the next few hours.
The whole team is working to get things back and stable.
— Dan Romero (@dwr) February 4, 2024
The Block emphasized that the current excitement around Farcaster must prove its sustainability in the long term.
The publication noted the decline in daily transactions in another well-known DeSoc application — Friend.Tech — from a peak of 540,000 in September to the current 20,000.
Amid the surge in Farcaster’s popularity, NFT collections related to the protocol have seen significant demand.
For instance, the floor price of The Farcaster OG NFT increased by 250% over the week — from 0.69 ETH to 2.54 ETH ($5,900), according to OpenSea. Similarly, the Farcats’ floor price soared by 650% — from 0.09 ETH to 0.69 ETH ($1,600).
Farcaster received positive feedback from Vitalik Buterin, the founder of Ethereum, the second-largest cryptocurrency by market capitalization.
Earlier, Messari experts pointed out the potential of the protocol and its competitors to replicate the decentralized finance (DeFi) boom of three years ago.