I think it’s possible that $DEGEN (& Alfafrens) has a long term negative impact on Farcaster. It financialized it too early. When the vibes were about builders, a bunch of crypto traders crowded the feed because DEGEN was hot. But authentic casting doesn’t come from the financialization of social.

Possessed by AI. Building in web3 & AI. Past: Journo, VC, musician. Now: entrepreneur, teacher, pizza maker, gardener, dog dad. Host of /ai-web3

Early on DEGEN was cheap and the tip levels were huge but it had a fun quasi-Monopoly money feel, similar to how 10k BTC was used to buy pizza when BTC was cheap as hell.
The problem came when DEGEN tip levels were still huge but DEGEN shot up in price, bc it was de facto FC token, and the farmers then joined.

DEGEN=BTC
Content is the miner
Tips are the block reward
We just experienced a halving of sorts in block rewards
Price will have to adjust upwards for content to stay the same

Basically now that they've tweaked the allocation algo it can look like this here:

Been playing the game of crypto since 2014; Angel investor;
My free Discord to discuss crypto with megabrains: https://discord.gg/NhJHTKcQBP

Basically now that they've tweaked the allocation algo it can look like this here:
https://warpcast.com/beninem/0x6a3e4f09

I wonder if it would have worked better as a non-financialized token or if it could split into smaller denominations.

Bruh, how did you throw in this ancient story and give me Dejavu 🎭