Cryptocurrencies on Farcaster

gm farcaster and welcome back to farcaster 101 this is module 7 and if you have missed the other 6 modules and you're like and you don't know how you got here you can find the full playlist on our gm farcaster youtube and today we're going to be chatting about cryptocurrencies on farcaster so adrienne how are you doing today you ready to chat about some coins

we've done pretty well yeah we tried to make the tried to set the foundation first and now we're going to talk about all the cryptocurrencies that you may encounter on farcaster and how they integrate into the protocol so here we go in this module like i said we're going to talk about cryptocurrencies on farcaster crypto use on farcaster crypto rails and payments how it's set up for that and we'll specifically in this module dive into warps and usdc and in module 8 we're going to dive into all the meme coins and all the other different tokens that you may encounter so adrienne can you kinda catch us up and talk a little bit about farcaster's cryptorails

and the leg this is these are the legos that farcaster has and part of that is this built in blockchain that helps us to drive a lot of activity so $18,000,000,000 in total value is locked in the farquay farcaster ecosystem and we know this from the state of farquaster report by snickerdoodle and what that means like right now it's probably even higher depending on what the market is doing this is pulling information from the wallets that are connected to farcaster accounts so you can see the full report on snickerdoodle.com but we're gonna dive into some of the crypto related pieces of this to kinda add a little bit more dimension into what is happening what's the data look like right now in regards to crypto on farcaster and why don't you take this one adrienne we'll start here

and it's not surprising that eth would lead in token worth and holders so again this was on chain data analysis by snickerdoodle pulling the different chains and tokens that people are holding within their wallets and we have you know a large number of folks holding eth on base and then also dgen op

arbitrom polygon eth mainnet bnb boomer and nee gen at that point those were a couple of meme coins but mostly what you're seeing is different varieties of eth essentially is what we're seeing here you've got base eth and you've got op eth and you've got you know mainnet eth and all these different varieties of eth arbitrum eth and there's so the eth community is incredibly strong on barcaster solana you can connect to solana wallet it is also built in but we just haven't seen as much development from that particular ecosystem yet and hopefully that will come over time as well so that would be and as they add other blockchains i'm sure we'll see additional development into those ecosystems but right now what you see is a lot of building on top of ethereum and a lot of the different l twos

i think if you go back to our discussion on culture as well in the last couple modules where we talked about even some of the influencers and early folks who were on farcaster like really early first you know few hundred folks that were on farcaster jesse pollock from base being one of them you know jacob from zuora being another so it makes sense that they're going to be a little bit more active because they're connected early on and really integrated into the ecosystem but it really doesn't take much for somebody to come in and start to build their own following so it's you know it wouldn't take much for the arbitrum community to sort of sweep in and become really a big part of farcaster very easily they just in

correct yeah and i think the other reason that you see a lot of building around base is not only because they have such an active community on farcaster but also at this point a lot of people who are within the eth community have base eth so then once you're you know a lot of people have that in their wallet it's easier to build for that community because you know there'll be transactions and and and activity so again you know like that's the other reason i say arbitrum could very easily become a leading chain on here because you can see how many people are interacting already on arbitrum even though most of that activity is probably happening on their connected wallets outside of the just because there isn't anything to do yet within that particular protocol but soon yeah connected wallets this kinda looks at all the different connected wallets and sort of the big thing to think about here is the number of small balances prevalent in wallets connected to farcaster and to me what that says is this isn't all about the whales it's about the larger crypto community as a whole it also could just be indicative of you know you don't put your your main wallet on here might be the case people leave a lot of things in safes do not connect to safe i'm gonna say that all the time do not connect to save to your barcaster account because things get funky so a regular eth wallet is best hot wallet but also for safety and security reasons you may may or may not choose your main wallet i've never had any issues and i do use my way my main wallet is connected but it's always something just to to think about and you know make your own opsec and be safe when with whatever you're doing but there is advice yeah go ahead sorry

your long term plays yeah your your thing that you're this is probably your checking account not your savings account kind of

yeah because we are interacting and i find that funny because there's a lot of myth around the fact that oh there's nothing to do on chain and people are just you know shilling meme coins and things like that and every day there's more and more things to do on chain if you're if you know where to look and a lot of that's happening on farcaster

and this is related so i'll just jump in here so small transactions dominate but large deals hold 13% of the outbound activity again i think that's similar to what we were just talking about where this is going to probably be your hot wallet your daily transactions and things like that but you do still see some larger deals happening and we do know some you know some whales who hide out who hide out among us on forecast or among among the minnows so there's a little bit of both happening adrian do you wanna chat about this a little bit

and this particular data came from this part was surveys so it was asking the users of farcaster what what are you doing with crypto use not necessarily looking at on chain data which is what we're seeing in some of these other transactions so you're seeing more about the on chain data here and then you're seeing the surveys from folks and what are they normally are doing with their crypto and this seems pretty accurate although again we are seeing a lot more daily transactions and some of those you may not be thinking about as cryptocurrency because they may be just doing gas it may be a free you know thing or very low low amounts like if you're minting on moshicam or something along those lines or playing a game you might be doing it in a transaction but it's also not gonna be a very high value one

and then this again is related to that this is the survey data looking at centralized versus decentralized exchanges and would split popularity so i think that to me is interesting because you would expect decentralized to be more popular and it is pretty close but i do think we see a lot of folks who are using coinbase wallet they are using coinbase and i think that's probably related to a lot of this and binance and and kraken and some other exchanges don't wanna leave you out sorry

but i think there's also a lot of folks who even almost exclusively use decentralized exchanges as well so uniswap and matcha and things like that and you do see some frames and integrations with some of those dexs within the ecosystem anything else you wanna add here adrianne this is more just like the survey data

and then we're gonna get into warps so adrienne i'm gonna let you take this one and talk about what are warps and how do we use them on farcaster

i think you said 25,000 is 25100 warps to to launch a channel so just to clarify that i apologize that's okay you did say 25100

just to clarify that there are some other you know use cases for warps at various times such as minting some nfts can be minted with warps moshicam in particular is one of those use cases as well but for the most part right now warps are primarily being used to launch channels and don't have too many other use cases at this moment and then we have usdc which is built in obviously not a farcaster specific cryptocurrency stablecoin but it is the one that is used often and built into the platform so you'll see within your profile you'll see a button actually if you go on to somebody else's profile you won't see it on your own but if you go on to anyone else's profile you'll see a little button that says pay and one of the main the main option to pay on there is usdc but you can also then say other and use a another app such as paybot to send other currencies through but usdc is billed directly in so you can send usdc to anyone on farcaster because again as we mentioned at the beginning everybody has a connected wallet regardless of whether or not they have connected an outside wallet they have one as soon as they sign up so this does allow for some things like this however easier to deal with if you have a connected wallet so we do recommend that you do that so also there's pay bot that allows you within a cast and a cast action to pay somebody for anything using a multiple different currencies and let me bring up this video that will sort of give you a little demo overview of what the paybot cast action looks like so if you go into any cast at the bottom click the little button that brings you to the cast action within here you'll see a number of different options click paybot and then look for recipient in this case i was sending something to adrienne and i decided to send her 5 dgen but first i was looking through to see if i wanted to change that to something else and there are you don't even see all of them in the screenshot because it went off the off the charts there are a number of different coins and tokens that you can send via paybot so what this does is create a frame for you and it drops it into a cast and if you cast this frame then you will get the

frame that looks like this on the top whoops on the top here within your cast you hit send and it sends to whoever your recipient is whoops and in this case it was adrian so then i got this confirmation that's at the bottom there saying this has been sent to adrian on adrian's side she is also getting a notification saying that she was sent this this gift and you she will also get there's also a way for her to then check-in her transactions to to see where that went so within the pay bot cast action the other thing you can do is look at who has sent things to you so it serves as a little ledger of what has been sent to you as well so that cast action has two purposes super useful and then the other thing is you can also just tag paybot and tell it what you want to do so you can just go in and start a cast and say hey paybot at paybot i want to pay adrian 5 degen and then it will reply back to you with a frame that you can then transact and send the those funds to adrian or whoever your recipient is what's really fun and what we're going to talk more about in our next module is that we have some bots talking to each other now so some of the bots have learned how to do some payments to each other or to other people and they essentially can call this paybot to do those transactions and that is what's getting really interesting we'll dive more into that when we talk about meme coins in our next in our next module and just really quick our next module will be talking about meme coins and crypto use cases we'll talk about some frames and different things that are happening right now and we'll also dive into the ai agents who are helping people create meme coins directly on farcaster adrian as a sort of intro to cryptocurrencies on farcaster what did i leave out is there anything else that you wanna mention sort of for the basics of what they need to know and then we'll dive into all the meme coin stuff in our next module yeah

absolutely yeah absolutely great amazing points there and the other thing is that the merkel team has been doing an experiment with rewarding content creators and the top content creators of each day hundred they send $5 usdc they can do that very easily don't need to get all of your payment information that you don't have to send them your venmo they just do it and then you get a little notification in your notifications hey you just got this usdc reward congrats and it's all happening very seamlessly in the background so very cool to see

yep so it's it's very there's a lot of these lego blocks that we talk about that we don't even we've only scratched the surface at this point so it's gonna be really fun to see what gets built and i was thinking about also adrian you had casted something from andrew yang andrew yang had posted on twitter he takes his reward that he gets from twitter and he gives it to somebody within his replies and he basically just does a little twitter picker and picks one of them and has to get their information to be able to send it to them and all this stuff and he said you know it'd be great if i could reward multiple people just very easily and we can do that and we know that we can do that so it's it's it's and you you had a point of like it can already happen it's just a matter of like it's because we're built on crypto rails and we can do all kinds of fun things and we'll talk more about some of those fun integrations like raindrops and things like that where you can sort of drop various cryptocurrencies to multiple people in one shot so there's a lot of that that's happening in different ways from tools that are being built on top of farcaster and with that adrienne anything else before we wrap this particular module

alright everybody and that is it for us we'll see you in module 8 bye bye