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Coop
@coopahtroopa.eth
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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ted (not lasso)
@ted
dude what x2 imagine someone fading Coop Recs because you don’t worry about what crypto twitter says about you imagine someone doubting that you’re able to grow Coop Recs because you don’t lean into memecoins when onboarding users at midnight diner ps most users who come for memecoins leave (they already did)
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Coop
@coopahtroopa.eth
Disagree that most users who come for memecoins leave. I think this category is the fastest growing in crypto and best reflected by Moonshot dominating in the app store - more so than any other crypto mobile app built by teams on FC. Most people do fade Coop Records - and I think its perfectly logical why and that we need to better fill that gap to meet the market where it currently is. We tell everyone we onboard that they get loyalty points and memecoins for collecting music at Midnight Diner. Most people are actually pretty familiar with them and excited by the prospect of earning. Memecoins are an increasingly popular topic amongst people new to or curious about crypto and I expect that to 10-100x over the next 12-24 months.
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ted (not lasso)
@ted
let me clarify: most users who come to FC for memecoins leave FC if the memecoin drops or fades to zero. obvious correlation if you look at early $degen activity. seems unnecessary to reference teams building on FC (mostly social, not defi) in relation to moonshot growth. that’s like comparing a fintech app to a social app; in fact, moonshot is even listed as a finance app and not a social app in the app store. beauty of FC is that someone *can* build a fintech app leveraging the social graph and legos… which has been done: @interface or @frens or @drakula, all apps that leverage both the social graph and lean into memecoins. it would’ve been more valuable to highlight and drive users to those than perpetuate a false narrative that memecoins are not welcome on FC. also i’ll be sure to ask everyone about memecoins next midnight diner :)
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Coop
@coopahtroopa.eth
This is exactly my point - people leave FC when memecoins drop or fade to zero specifically because there is no solidified community or memecoin traders on FC. The tokens bouncing the hardest on Base right now are not very active on FC because they don't see value in building their brand here. That is a problem IMO. There are tons of memecoins bouncing on SOL right now that launched the same time as DEGEN or HIGHER that are experiencing ATHs in price, volume and interest because of how engaged their communities are on Twitter. IMO all of that activity should be happening in channels on FC - but there is no clear reason or value in doing so currently. All three apps you just mentioned are heavily leaning into trading as their primary value prop. All three combined have a fraction of the amount of users as Moonshot. I stand by the narrative that memecoins are not welcome on FC. The exception is memecoins specifically launched by people on FC and those people are few and far between today.
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ted (not lasso)
@ted
brings me back to my original point that twitter and telegram still have many orders of magnitude distribution more than FC and that’s what matters most when it comes to memecoins (TAM). once TAM grows (which is merkle's top prio with new channel changes, miniapps, lower sign-up fees, etc), then it may make sense for those to come. otherwise, launching or building a memecoin on FC doesn't and won't lead to parity growth — not because of the false narrative that memecoins are unwelcome on FC, but because of basic business fundamentals: distribution to a large TAM is required to increase a token's market cap, and FC has limited distribution right now. important to separate those two points.
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Coop
@coopahtroopa.eth
I agree on the focus being TAM I think where we disagree is that I think TAM can be grown more rapidly with their being a prioritization on onboarding established and credible token communities and not just pump and dumps. We both want increased usage - I think I just want to see more increase usage specially from crypto natives given how much the market is heating up rn and how little of that energy is carrying over to FC Very healthy debate! 1000 $DEGEN
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