alex
@proxystudio.eth
you didn't buy enough degen
2 replies
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23 reactions
alex
@proxystudio.eth
going to be a particularly hated rally by the FC influencers who jumped ship at the bottom quick reminder that if there is a Farcaster narrative to be traded on, DEGEN will be the token that capital flows to first & hardest this ofc can change, but it hasn't yet
2 replies
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@tcw
you don't think higher has it this round or you think higher is still downstream?
2 replies
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Joe Blau 🎩
@joeblau
Tokens follow Metcalfe's law when it comes to network effects. DEGEN has 760,000 holders and Higher has 88,000. if you square their holders to calculate network value, DEGEN is 100× more valuable than Higher.
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@tcw
Simple enough when you write it out, thanks for that nugget of knowledge. I also figured degen will benefit acting as defacto storage for revenue made on Farcaster
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Joe Blau 🎩
@joeblau
It will be interesting to see if that plays out. Farcaster doesn’t really need a token, but then again neither did Unisawp.
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@tcw
I’m of the opinion mass adoption requires lowest common denominator so pricing must be usdc Conversion from there will probably boil down to bet on system = eth. Plus a bet on the network = degen, probably the best proxy bet. Natural to store value there and keep portion for taxes in usdc It’ll only take a few breakout teams to adopt this thinking for it to lead the way and become true
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