Jacek.degen.eth 🎩 on Warpcast

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Jacek.degen.eth 🎩 pfp

Jacek.degen.eth 🎩

1️⃣ The Lockup Vault – A Bad Deal for DEGEN? The vault was designed to require users to hold DEGEN in order to receive daily tipping allowances. The idea was that this would reduce sell pressure and incentivize long-term commitment. But the numbers tell a different story: • Right now, a 1.9M DEGEN deposit gives you a 10K DEGEN daily tip allowance • If fully farmed over a year, this results in an APR of 184% 😳 • That’s a massive ROI for a short lockup, creating huge inflation in the ecosystem This raises a key question: Are we getting enough back for giving out these rewards? Right now, it looks like the system is disproportionately benefiting farmers rather than long-term ecosystem participants.

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Jacek.degen.eth 🎩 pfp

Jacek.degen.eth 🎩

2️⃣ Is Tipping Still Effective? Tipping was one of the best marketing strategies early on. It got DEGEN into the hands of new users, helped spread the brand, and encouraged people to recruit others. But the momentum seems to be slowing: • In Season 11, only 565 new wallets (that never received an airdrop before) got DEGEN. • Yet, we spent $1M worth of DEGEN in that round. • That means it cost $1.7K per new wallet to onboard someone via tipping. That’s way too high for an acquisition cost, especially when there’s no guarantee that new wallets will stick around and engage long-term. If we’re mostly redistributing DEGEN to the same users, does tipping still make sense as a growth strategy? Or should we rethink how we use the treasury?

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NFThreat pfp

the thing is that there is a lack of new users in Farcaster itself

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Papajams pfp

Fantastic stats, great question Could be that tipping moves from farcaster for now & invigorates other ecosystems perhaps where it could prove similarly impactful as an introductory step: thinking lens, dscvr, and there’s an avax one. Then farcaster becomes the place to experiment with what comes after tipping

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Anna Zhukovska 🎩📷🔗 pfp

Anna Zhukovska 🎩📷🔗

Feels like farmers are getting smarter and smarter and no matter what we do to protect to community, they just find another way to abuse the ecosystem😭💔

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adexmakai.degen.eth pfp

adexmakai.degen.eth

IMO, I think you should stop the tipping idea and come up with a good way to incentivize the degen community. It's obvious that most of the community doesn't want to participate in DL3. I asked myself what was the essence of creating DL3 when most of the degen community didn't want to participate in the growth of the chain. So I will advise to mandate degen lock specifically on DL3, and there should be incentives on DL3 projects for those that lock up their degen. Let's stop this idea of tipping if that would eradicate farming once and for all.

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Cake One 🎩🔵🎭🔴 pfp

Cake One 🎩🔵🎭🔴

@theonlycakeone

1- the vault: It has always seem to me as a « the more you have, the more you’ll get » which was already a red flag. It seemed more fair when it was based on open rank or any other quality content indicator. 2- the new wallets: It seems to me that we, the people of Farcaster, are the one to onboard new people. Make it easy for us: The more fun and the more rewarding, the easiest it is for us to bring new people in. Lately with the ban system, I have been so stressed out I barely tip as much as I used to do because what if? I understand what you guys tried to do and I’m thankful because a lot of abuse were made in the past, but if the fun goes away, it gets harder to bring people in. For some it even gets harder to stay. With that being said, please keep up the good work. We ❤️ it in here.

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Ozlem🫂🎩📸 pfp

Ozlem🫂🎩📸

I trust and believe in degen but the bottom line is the more degen you lock, the more airdrops you can do. Because there are very few people who support for free and that doesn't give a lot of rights to new artists coming in. The question for me is: What about the new artists who are trying to get into the system? As long as there are no new entrants, the cycle will continue to revolve around the same people and I don't know if there will be growth.

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Majid pfp

Unfortunately, it is not a suitable method and there was a lot of opposition from the beginning. However, you can judge this matter better than anyone else.

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Melanin ツ 🎩💜✨ pfp

Melanin ツ 🎩💜✨

also, put a limit to mcdegen that’s a proper and easy avenue for farmers

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Alistar☄️ pfp

I talked about Degen with Chat GPT and I got these answers : 1. Implement a stronger identity verification system to prevent the creation of fake accounts. 2. Create incentive mechanisms for users who contribute positively and genuinely. 3. Provide transparent reports on the performance and future plans for the token to build trust among users.

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Richard 🎩Ⓜ️💎🔵 pfp

Richard 🎩Ⓜ️💎🔵

@richardleighton

Eliminate the vault, but introduce staking for a modest APR, coupled with a means for reward for engagement -I don’t believe open rank is the way to go, but there’s lessons to be learnt from farther and moxie. Simplify where possible to make it enjoyable!

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agb pfp

would be interesting for us to discuss this on the space

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Metaphorical pfp

I feel like a lot of people “told you so” back in August. Six months later this is a discovery? Water under bridge. Anyways let’s end the never-ending liquidation, move some small tipping back to social relevance, and maybe focus on driving demand? Y’know, utility, L to the 3 and other uses.

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standpoint.degen.eth 🎩 pfp

standpoint.degen.eth 🎩

@standpoint.eth

Happy to see things are moving. I sincerely have no idea 🤷 Maybe pause tipping for a few months, or a year, and see how it goes. Give a modest APR to stakers (io lockers). Lock on Degen chain. Not sure to be honest.

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Iryna 💫 pfp

I believe that the degen community should attract new users by tipping them 🎩 These actions are in our best interest, but in recent months we have seen that the network has not been very active. New users have not been attracted to Farcaster and the Degen community.

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ash pfp

I think you are going to get a lot of push back and complaints (most from bots and abusers of the system, some from real users). but you are making the right decisions on banning and vault. There will be some short term pain but the bots/farming needs to be addressed if we want to build a sustainable model for $degen

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WG 🎩🔵 pfp

I think once there’s a influx of people coming in, it’ll be easier to drown out the noise or farmers. It also depends how we move in this platform also cause it seems to be a lot of reply guys here just looking for those tips while people that are creating content, go unnoticed.

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Alright Well 🎩 pfp

Alright Well 🎩

We need more users on Farcaster, and in my opinion, Degen tips and Warpcast are the best tools for onboarding in Web3.

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Majid pfp

It could be a combination of several factors with some stricter changes! Classification based on time lock! For example, it is determined from the very beginning how many months the user wants to lock their degens! The more time locked, the more reward! A percentage of the reward to active users based on open rank, but not as much as it is now! In the discussion of farming, stricter rules can also be considered, which I have already mentioned a few cases.

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