Degen

Meme coins really are an incredible growth hack. Most projects put a lot of resources into launching governance tokens even when it doesn't really make sense. The primary purpose is typically to bootstrap growth. Farcaster is demonstrating that facilitating community coins can achieve the same goal.

The challenge farcaster now faces is how to convert this surge of attention into sustainable user growth, and soon it will be how to protect users from the malicious actors and crypto spam we see all over X.

yeah, governance tokens are largely just meme coins.

The real advantage to the model playing out on farcaster is that the farcaster team did not need to launch a token themselves to achieve the same benefits that most projects are attempting to accomplish by launching a token.