Different from the fervor of the meme coin season, cryptocurrency social networking is rapidly accumulating users in a quiet and unobtrusive manner.
Author: PartnerR
Cryptocurrency Social Networking - The Elephant in the Room
Unlike the fervor of the meme coin season, cryptocurrency social networking is rapidly accumulating users in a quiet and unobtrusive manner. Since the beginning of this year, mainstream social protocols such as Farcaster and DeBox have achieved over 1000% user growth.
As a social protocol that requires a $5 registration fee, Farcaster's barrier to entry is somewhat high for most ordinary users. Nevertheless, it has achieved significant results. Farcaster's DAU (daily active users) has rapidly increased from less than 500 in January to over 50,000 at one point, while registered users have also risen from less than 30,000 to 300,000.
On the other hand, DeBox's user base is also growing at an astonishing rate. Thanks to the simple steps of "free" and "wallet login," DeBox has become the first stop for most new users to experience cryptocurrency social networking. In less than six months, the user base has grown from 1.1 million to nearly 10 million, with active users increasing from 20,000 to over 800,000, and even briefly topping the charts on the South Korean Apple Store.
If we were to analyze the reasons for the success of Farcaster and DeBox, the community plays an extremely important role in both cases.
For a long time, discussing token prices on Farcaster was a taboo, as Farcaster will not issue tokens in the visible future. However, after a long period of suppression, perhaps with the spread of bullish sentiment, some tokens that are completely from the Farcaster community have gained popularity, such as $degen and $mfer. These tokens have been very helpful in driving user growth for Farcaster, as many people first heard about Farcaster through $degen and $mfer.
Similarly, with the influx of thousands of different cryptocurrency communities into DeBox, especially the entry of top Bitcoin ecosystem communities such as Sats and Bitcoin frogs, new users who are first introduced to the world of cryptocurrency through runes and symbols have started to make DeBox one of their most commonly used software. This has also made DeBox one of the biggest winners in the development of the Bitcoin ecosystem.
Undoubtedly, cryptocurrency social networking has become the elephant in the room and is the most likely to achieve mass adoption among cryptocurrency applications.
Rise of New Generation Traffic
As the new generation from the third world officially enters the cryptocurrency world, these young people urgently need a community for communication, and DeBox has now become their new choice.
Analyzing the traffic sources of DeBox's website, emerging regions such as Indonesia, South Korea, Vietnam, India, and Nigeria make up the top five, and except for the United States, all visitors in the top ten come from Asia, Africa, and Latin America. The popularity of DeBox in the third world is not surprising. "Free" and "simple" are the best growth tools for DeBox. With just a click to create a wallet address, users can log in to DeBox, and the entire process takes less than 3 seconds, without the need for a phone number or any cost, allowing them to access the latest information in the cryptocurrency world. This is very attractive to young cryptocurrency enthusiasts living in the third world.
These regions are slightly different from traditional developed regions. The young people here are poor but full of enthusiasm and curiosity for the cryptocurrency world. "10u war god" is an appropriate description for them, but the hope for growth also lies in these regions. They have the most densely populated areas and the youngest population, and the rapid growth of DeBox confirms this. Asia, Africa, and Latin America may be the next hotspots for cryptocurrency software.
The same script is also playing out in Farcaster. Although Farcaster's mainstream client, Warpcast, has long had no version other than English, it still cannot resist the enthusiasm of new users from other regions. For example, a large number of users from Japan are gathering in the /Japanese and several local channels, making the Japanese area one of the most active channels in Farcaster.
The success of Farcaster in cross-language and cross-cultural regions seems to prove that cryptocurrency social networking has greater global potential. The desire of users for cryptocurrency content can to some extent transcend language barriers, which is crucial. Once users have the motivation to use cryptocurrency social networking software, the subsequent release of local language versions is a very easy task.
Currently, the traffic of the new generation in Asia, Africa, and Latin America is on the rise, and their preferred apps are significantly different from the previous generation, such as TikTok replacing YouTube, and Facebook and Twitter no longer being attractive. This has created huge opportunities for cryptocurrency social networking platforms like Farcaster and DeBox, which may become the first to achieve large-scale application in the cryptocurrency field and surpass traditional internet platforms.
This prediction is not without reason, as we have already seen Warpcast and DeBox starting to perform very well in various app stores, even surpassing Line and WhatsApp. The growth of cryptocurrency social networking has only just begun.
From Crypto Social to Social Trading
Since the popularity of friend.tech, a new narrative in the cryptocurrency social networking field has emerged. Initially, cryptocurrency social networking was seen as a part of "x to earn," such as the previous round of Deso or the earlier Steem, but the new narrative of "social trading" began to emerge after the popularity of friend.tech.
Social trading is not simply socialfi or x to earn, but rather the connection of asset issuance and asset trading in the basic social scene.
In social trading, Farcaster and DeBox are undoubtedly the two leading products.
Earlier this year, Farcaster introduced the frame feature, a framework that makes social content interactive. Any post published on Warpcast can be embedded in a frame, displayed in card form, and users can interact with the cards, completing actions such as minting NFTs or swapping tokens with a single click. After the release of the Frame feature, Farcaster also experienced explosive user growth.
Similarly, after DeBox introduced its built-in universal trading market and DEX, it also experienced double-digit growth in trading volume and user base. DeBox provides a simple sharing option for trades, allowing users to share a trade to groups or feeds, providing a new entry point for trading. According to DeBox's roadmap, a decentralized allocation protocol for trading fees is under development.
The deep integration of social networking and trading has greatly unleashed the native potential of cryptocurrency. According to statistics, the trading volume through DeBox's built-in Dex has surpassed $200 million in less than six months. Although detailed statistics on trading volume through Farcaster's frame are not currently available, there is no doubt that it is also rapidly growing.
It is not difficult to imagine that social trading is likely to become a new paradigm for cryptocurrency trading. In traditional internet, live sales based on short videos have already replaced a considerable portion of traditional e-commerce. Therefore, it is not difficult to predict that in the cryptocurrency field, social trading based on interactive information flow will also become the new generation of trading, and may even become the third generation cryptocurrency trading hub after centralized exchanges and decentralized exchanges.
Victory of the Mobile End
Whether it's Farcaster or DeBox, the rapid growth of cryptocurrency social networking has significant differences from the DeFi summer of 2021-2022. During the DeFi summer, almost all users accessed the cryptocurrency world through the web, i.e., the desktop end, which was also key to the success of MetaMask.
However, in cryptocurrency social networking, things are changing, and mobile traffic is taking over everything.
Over 50% of Farcaster's users access the protocol through the mobile end, Warpcast, and DeBox's data also shows that over 80% of users come from the mobile end. Mobile internet has long been popular in Web2, but the wave of mobile DeFi and cryptocurrency applications is just beginning, and the cryptocurrency community is likely to be the biggest beneficiary of the wave of cryptocurrency mobile usage.
Outlook and Conclusion
- Massive Growth Potential
Cryptocurrency social networking may be the most likely track to achieve massive growth in the cryptocurrency field. The rapid growth of Farcaster and DeBox by over 10 times since the beginning of this year demonstrates the enormous potential and opportunities of cryptocurrency social networking. Perhaps the first billion-level cryptocurrency application will emerge in cryptocurrency social networking.
- Integration of Social Networking and Trading
Cryptocurrency social networking is expected to become a new entry point for cryptocurrency trading. Through the deep integration of social networking and trading, users can purchase cryptocurrency or NFTs without barriers in any scenario. This model is likely to change the traditional operation of cryptocurrency and become the third-generation exchange.
- Security and Compliance Challenges
Despite the many advantages of cryptocurrency social networking software, security and compliance remain important challenges. As more users start using these applications, ensuring data security and compliance with relevant regulations becomes crucial. Cryptocurrency social networking software needs to continuously improve security measures to ensure compliance.
Conclusion
As an innovative cryptocurrency social networking software, DeBox's successful rise to the top of the Apple Store demonstrates the future development potential of cryptocurrency social networking software. It not only provides users with a new social and trading experience but also promotes the application of blockchain technology in daily life. However, as cryptocurrency social networking software develops, issues such as security and compliance still need to be fully addressed.
In the future, cryptocurrency social networking software may become an important force driving the digital economy, providing users with more autonomy and a better experience. With the continuous development and popularization of blockchain technology, cryptocurrency social networking software is expected to make breakthroughs in various fields and become a key component of the next generation of social media and business applications.
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