Farcaster

I believe a big reason FC is not seeing more growth the last few months is due to a lack of interest and acceptance of trading and memecoins being the dominant narrative this cycle.

FC's infra is best suited to be the defacto home for token projects and yet we see very very little projects doing so.

I understand and appreciate the commitment to building, adoption and sustainability.

I also recognize that 99% of memecoins will go to 0 by the end of this cycle.

However - the current approach is making FC feel like a place that has an entirely different set of convos, most of which are not currently EV+.

I say this all as someone that cares deeply about FC and it's growth but think it's important we recognize that crypto-natives on Twitter do not see value in being on here and that feels like a problem to me in the context of the next 12-24 months.

It is unlikely that FC just leapfrogs crypto-native adoption and gets an influx of mainstream users without winning the wider crypto crowd over first.

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it’s not so much that trading and memecoins aren’t being actively discussed or experimented with on FC. they are, just to a much lesser extent than on CT. I believe this reflects the community’s interests at present.

rather, the issue that might impact the growth of the network with crypto natives is that memecoins and trading are actively looked down on by many folks here. it’s seen as a less meaningful and lower class of activity as opposed to being a “founder”, developer, or whatever else.

in some ways, this is healthy. we shouldn’t be driven purely by speculation and greed. but it’s also at odds with the current direction of the market, and certainly at odds with the culture of CT (for better or worse).

that said, this judgemental attitude is really all about power. who can afford to ignore speculation? the answer is pretty obvious. lots of folks on FC are loaded. they’ve already exited companies, worked in big tech, etc. but let’s not pretend this makes someone more noble.

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I have been mulling this over since 2023, need to write something soon.

my post above is not even a critique of FC specifically, it’s more Ethereum’s culture more broadly which manifests more clearly on FC than Twitter.

I certainly don’t think the solution is for FC to become pro-memecoin, it’s more an open challenge for FC community members to ask themselves why crypto natives with extremely active communities aren’t gathering here. and I think one answer is that they’re just not particularly welcome.

there’s only so many times I can read posts from PMs at Coinbase making 350k TC about how they’re building for the long-term, don’t care about prices, etc. and that’s cool, but the reason they don’t care is because they’re already damn wealthy.

this smugness is something that turns people off from Ethereum, imo. there are other chains that make different tradeoffs, like Solana, and we can debate their technical merit. but if we want Ethereum to win, we should virtue signal much less.

Very accurate synopsis of what I feel about memecoins being a topic that is looked down upon here.

I agree this is healthy in some ways, and damaging in others.

No one right answer here but glad I’m not alone in this sentiment.

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