Data comparison of SocialFi track: Friend.tech and Farcaster, who is better?

Original title: "SocialFi Data Comparison: Friend.tech VS Farcaster, Who is the Social King?"

Original author: Wenser, Odaily Planet Daily

As the hottest L2 network in 2024, the Base ecosystem has successively launched two major social protocols, Friend.tech and Farcaster. The former fell into silence after the popularity in August last year, but recently with the launch of the FRIEND token and the V2 version, the Club gameplay has once again attracted a lot of attention in the market; the latter was initially built on the OP ecosystem, and took advantage of the Base ecosystem, the launch of the Frame application in January 2024, and the craze of Meme coins including DEGEN, and gradually embarked on a "social forum road" of its own.

Today, Odaily Planet Daily will lead everyone to look at the performance of the two popular products in the SocialFi track - Friend.tech and Warpcast (the underlying protocol is Farcaster) from a data perspective.

1. Basic data: number of users + protocol income

According to Dune data, the current total number of Friend.tech users is 909,861 independent addresses, and the protocol income is 17,056.5 ETH (about 54.647 million US dollars). Of course, this is the data from August 2023 to early May 2024, and the overall duration is about 9 months.

https://dune.com/msilb7/friendtech-on-base-activity

According to Dune data, Farcaster currently has 344,474 independent users and a protocol income of $1.234 million. It is worth noting that Farcaster's protocol income data began in early October 2023. Compared to Friend.tech, which became popular as soon as it went online and received a lot of fees, Farcaster's protocol income was only a few thousand dollars in the early stage, which can be said to be a huge gap.

https://dune.com/queries/3397864/5702593

II. Advanced data: inflow assets + transaction data

After understanding the fundamentals of the two social products, we can further compare the inflow asset data and transaction volume data of the two.

According to Dune data, the total inflow of Friend.tech is 31,877.59 ETH (about 102 million US dollars), and the total transaction volume is 13,681,507 times.

https://dune.com/msilb7/friendtech-on-base-activity

It is difficult to count Farcaster's asset inflow data. Currently, data analysis platforms such as Dune do not have corresponding panels and accurate data. However, if each Warpcast registered user wants to join some paid channels, he needs to buy $25 of Warp as an in-app token. The exchange rate is about 1:100. According to 381,544 independent addresses, the total inflow of assets can be roughly calculated as $9.538 million. Since the client applications including Warpcast supported by the Farcaster protocol include both on-chain and off-chain operations, and according to relevant data, the number of posts in the Farcaster ecosystem is about 1.26 million, so we will not expand too much on the transaction volume data related to Farcaster here.

https://dune.com/pixelhack/farcaster

III. High-level data: token data + daily active users

Based on the above data comparison, the most important data comparison may be the difference between the token data and daily active user data of the two. The former represents the current market attention and the number of people who participate deeply; the latter represents the long-term development direction of the project and product and the number of loyal fans.

According to Coingecko data, the current price of Friend.tech token FRIEND is $2.67, the total circulation is 90.91 million, and the overall market value is $242 million.

Coingecko website screenshot

The Farcaster protocol has not issued a corresponding token, so we use the DEGEN token with a wider range of Farcaster ecological applications as a comparison object.

According to Coingecko data, the current price of DEGEN is $0.02138, the total circulation is 36.96 billion, and the overall market value is $266 million.

Coingecko website screenshot

In terms of daily active users, according to statistics from TheBlock website, Friend.tech's daily average active users have dropped from nearly 80,000 users in mid-October last year to about 3,000 at present (1,360 independent sellers and 1,640 independent buyers).

TheBlock statistics interface

Farcaster's daily average active users are showing a steady growth trend. According to Dune data, the number of original creators in the Farcaster ecosystem is currently about 38,500, and the overall number of active users is about 43,000.

Farcaster daily active user data interface

It is worth noting that according to Farcaster founder Dan Romero’s post on the X platform, Farcaster’s daily active users hit a record high of 85,000 in April, and in the first month, it achieved data records such as "daily active users exceeded 70,000" and "monthly active users exceeded 200,000".

Summary: Friend.tech is more profitable, Farcaster has more loyal fans

After comparing the above data, we can draw the following conclusions in stages:

· In terms of profitability, Friend.tech achieved a higher profit ratio through higher Key and Club transaction taxes, thereby obtaining more protocol income;

· In terms of product cycle, although the Farcaster ecosystem was launched earlier than Friend.tech, Farcaster developed later than Friend.tech in terms of the Base ecosystem entry time cycle. In other words, Friend.tech has a certain first-mover advantage, and its product has entered the V2 version of Club hype, while Farcaster mainly relies on the construction of different applications and channels within the ecosystem, so the product cycle development is relatively slow;

· In terms of loyal fans, the number of loyal fans of the Farcaster ecosystem is much greater than that of Friend.tech, which is due to both the fact that Friend.tech The reason why the entry threshold of Farcaster is relatively high is also affected by the product functions of the two to a certain extent;

· In terms of product positioning, the Farcaster ecosystem is more like Internet forums such as Reddit and Tieba, while Friend.tech is similar to the paid version of Web3 Knowledge Planet and text-based Clubhouse. The former is for group communication, while the latter is more of a one-to-many club-style communication.

In addition, although both of them have given certain hype and speculative value to content (Cast) or Key and Club, relatively speaking, the speculative attributes of Friend.tech products are stronger, and the positive feedback is more direct. The products of the Farcaster ecosystem are more inclined to value empowerment in terms of community incentives and member exchanges. Therefore, in the long run, the Farcaster ecosystem has relatively stronger potential and stronger user stickiness.

So, who will be the "King of Social Networking"? Perhaps we still need to observe for a longer time to get a relatively clear answer.

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