📢Farcaster Season: Creating the Next Mini-App Center | BeWater Weekly (12.2-12.8)BeWater Research #01: Farcaster Season: Creating the Next Mini-App CenterAuthor: @lulu70191243(1) On-Chain Twitter Born in Base Silicon ValleyWhen discussing Base, one cannot avoid mentioning "Base Silicon Valley" — Farcaster. Farcaster is known as the decentralized Twitter + Reddit on Base, founded by Dan, the former head of consumer business at Coinbase, before Elon Musk acquired Twitter. It aims to create a decentralized social plaza, attracting investments and enthusiastic participation from top players, including Dan's former colleagues at Coinbase and Jesse, the CEO and founder of Base.With a strong OG background and the support of thousands of devs/degens, Farcaster has rapidly grown and has spawned star projects like Degen, Friendtech, Anon, and Clanker.(2) Frames — The Magical Component of Programmable Social MediaMany people compare Warpcast (the Farcaster client) to Twitter, and the main difference in user experience is the realization of programmable social + finance. For example, users can interact with bots to launch and mint assets, or implement specific functionality through custom Frames. This programmability has brought tremendous explosive growth to Farcaster. For instance, in November, Clanker allowed Farcaster users to launch tokens in just one second via @clanker. This social experiment, developed anonymously by two individuals in just five days in November, saw over $1 billion in trading volume and generated $10 million in revenue since November 8.Frames, as the interactive module officially launched, are the most important component of programmable social. In addition to posting text and images (Cast), posters can build their own frames to enable specific interactions, such as tipping and payments, RSVPing for events, or turning a prediction from Polymarket into a Frame for user voting. Does this sound like the later launched Blinks on Solana? That's right, they are the same thing.Posting with Frames on Farcaster is not just a trend; it is becoming the norm. In the past three days, the number of posts containing Frame interactive modules on Farcaster (similar to tweets) was 23,685, 23,832, and 24,260, achieving more than tenfold growth since February of this year. In comparison, the number of posts with open modules on Lens Protocol over the past three days was 359, 353, and 464.The indigenous people of Farcaster can clearly sense: Normies are coming!(3) Farcaster Frame v2: Creating "On-Chain Native TG Ecosystem"This week, Farcaster Frame v2 was officially launched, and Farcaster may transform into the next Mini-app center, potentially replacing Telegram.If V1 was about inserting personalized bots into information streams for simple and static interactions, then Frames V2 will quickly expand to games, trading, and any mobile or web app can become a Frame within Warpcast. As Dan mentioned, an application called Friends, currently in testing, is a chat application deeply integrated with trading functionality. Imagine what it would be like if Telegram were on-chain natively? Currently, based on Dan's tweets, the development of mobile games, swaps, etc. using Frame v2 has already been rapidly validated.In terms of form, Frame will be based on ① a simple yet rich development experience and ② the gradually expanding and active user base of Farcaster, becoming a unique POC product that provides developers with a quick way to validate PMF. Developing a Frame on Farcaster is more flexible and cheaper than outsourcing and spending two months creating a TG mini-app. Additionally, various Frames themselves will also become reusable templates, providing a market for high-quality Frames and further lowering development barriers.(4) Jesse and BASE's Next Tenfold GrowthWith Jesse taking office, Farcaster/Base may experience even faster development. In October, Base founder Jesse took over the important product Coinbase Wallet, meaning he will be responsible for almost all on-chain business at Coinbase. One of his strategies is to seamlessly transition users to on-chain. Currently, Base has achieved tenfold growth compared to a year ago, and Jesse hopes to achieve another tenfold growth, with traffic from platforms like Instagram and TikTok becoming Base's new testing ground.In the past, many Web3 experiments by entrepreneurs with an internet background failed due to poor infrastructure. However, during this cycle, UX and infrastructure have significantly improved, and the successful combination of MEME + Phantom has allowed outside users to directly jump from centralized products like exchanges to on-chain, resulting in profound changes in marketing and growth in the crypto industry. Is it possible that we could go Live on-chain faster than we imagine?In conclusion: The vibe and community that Farcaster has built over the past few years are intangible assets for Base, with impressive organic growth and innovation capabilities. Dan's rigorous early screening has established a consistent and like-minded core group of members (Farcaster Top 100 Celebrities https://t.co/sr3Ec2vFff). The core community of Farcaster has been quite stable over the past year and a half to two years, with several thousand active users even amidst significant fluctuations, and over 90% of them are real users. It is thanks to this group of people that we have the fun stories that followed.🐟 Ecosystem Collaboration1. BeWater, as a community partner, supports Taipei Blockchain Week, which will be held from December 12 to December 14, with 1 day left in the countdown.2. BeWater will collaborate with HashKey Chain to host a Hacker House in Hong Kong from December 20 to December 22, themed around compliant web3 applications & Infra, with a current Prize Pool of $7,000 & Grants of $50 million.3. An AI x Crypto themed event co-hosted by Apro and BeWater, supported by BNB Chain, will officially kick off on December 12.📰 Key News(1) The MOVE Foundation has officially launched the MOVE token. The "MoveDrop" airdrop distributed 1 billion MOVE tokens (10% of total supply) to early users who completed transactions and tasks on the Movement testnet. Additionally, 1.25 billion tokens (12.5% of total supply) have been unlocked for the Movement Network Foundation and community programs, bringing the total circulating supply to 2.25 billion MOVE tokens (22.5% of total supply).The maximum allocation of MOVE tokens (40%) is reserved for ecosystem and community rewards, with 17.5% allocated to early contributors and 22.5% to early supporters. MoveDrop's initial claim appeared as ERC-20 tokens on the Ethereum mainnet, having potential multiplier effects for those waiting for the launch of the Movement public mainnet, utilizing the Move programming language and modular aggregation for secure, application-specific blockchains.(2) Circle will launch CCTP V2 in early 2025 to enable faster USDC transfers and low-latency settlements across Ethereum, Base, and Avalanche. Circle has announced the upcoming launch of the Cross-Chain Transfer Protocol (CCTP) V2, expected in early 2025. CCTP V2 aims for faster, low-latency transfers of the USDC stablecoin, supporting multiple blockchains, including Ethereum, Base, and Avalanche.(3) David Sacks has been appointed to the highest position in cryptocurrency by the Trump administration. President Donald Trump has appointed David Sacks as the new czar for artificial intelligence and cryptocurrency. David Sacks is a well-known Trump supporter in Silicon Valley and has close ties with elected Vice President JD Vance and Elon Musk.David Sacks is known for his role in the "PayPal Mafia" and has a diverse background, including founding Yammer and Craft Ventures, as well as co-hosting the "All-In" podcast. His mission is to guide AI and cryptocurrency policies to ensure the United States maintains a global leadership position in these fields.(4) MicroStrategy profits $17 billion from Bitcoin purchases. MicroStrategy's Bitcoin investments have generated over $17 billion in unrealized profits, having purchased approximately $23 billion worth of BTC since 2020. On December 4, Bitcoin prices reached a historical high of over $100,000 per coin, bringing the value of MicroStrategy's BTC holdings to over $40 billion.(5) Coinbase announces latest listing plans. Coinbase has announced plans to list meme coins Gigachad (GIGA) and Turbo (TURBO), causing their prices to surge 37% and 15%, respectively, within one hour.📊 Data Performance(1) ETF According to CoinShares, institutional investors have poured a record $3.85 billion into Bitcoin and Ethereum ETFs, with BlackRock's iShares ETF contributing $3.20 billion. Last week, inflows into Ethereum products reached an all-time high of $1.20 billion, surpassing the record set in July. The U.S. leads the digital asset investment products market with inflows of $3.60 billion, followed by Switzerland with inflows of $160 million. Wall Street ETF issuers currently hold more Bitcoin than any other entity, with the total market value of Bitcoin ETFs reaching $109 billion.(2) DeFi Driven by liquidity re-staking tokens (LRT) and Bitcoin-native Layer 2 networks (L2), the total locked value (TVL) in decentralized finance (DeFi) is nearing 2021 highs, reaching over $134 billion as of December 9, a 150% increase year-to-date.(3) Stablecoins The market capitalization of stablecoins has surpassed 200 billion USD, an increase of 13%. The interest rates for Aave and Compound have reached 10–20%. The stablecoin market has set a historical high, with a total market capitalization exceeding 200 billion USD, reflecting a month-on-month growth of 13%. This surge is attributed to increasing investor interest in decentralized finance (DeFi) lending platforms like Aave and Compound.(4) Memecoins The market capitalization of memecoins, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has skyrocketed to 140 billion USD as of December 1, accounting for 3.16% of the total cryptocurrency market, up from 1.3% at the beginning of the year. Excluding Bitcoin (BTC) and Ethereum (ETH), the market share of memecoins has jumped to 11.21%. Dogecoin is now the seventh largest cryptocurrency by market capitalization, valued at 64 billion USD. From January 1, 2024, to December 1, the market capitalization in the memecoin sector grew by 330%, and trading volume surged by 979%, with over 60,000 memecoins created daily, half of which were created through Solana-based https://t.co/qg0Cujpv6s.📚 Recommended Reading(1) "Bitcoin Can Separate Money from State" — David Sackshttps://t.co/dGeGsuooFD(2) "Comparing Clanker & Larry" — Gary @OTZGary https://t.co/8G6TTQwS8ZRead the full article👇https://t.co/nNusHHOAQ0
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