ON–218: Web3 Social 🌐

Coverage on Farcaster, Lens, Drakula, CyberConnect & Pods.media.

Mar 29, 2024

ON–218: Web3 Social 🌐

📝 Editor’s Note:

In a continued effort to streamline our editorial process for our contributors and community, we're publishing a Editorial Calendar at the start of each month.

Please sign up here if you'd like to contribute to any of the below topics in April!

- 🕛


Web3 Social 🌐

① Farcaster 📡

📈 Farcaster's channels are thriving, with more than 6,100 launched

  • Since the introduction of channels (subcommunities) in June 2023, Farcaster users have created over 6,100 channels. Currently, 80% of all weekly casts are made inside channels. The average user casts in 8 channels. Approximately 21% of users do not cast in any channels, while nearly 19% are prolific channeloors casting in 10+ channels. Popular channels include /base, /degen, /ethereum, /memes, and /founders.
Source: paragraph.xyz - @castaway
  • Since the introduction of video uploads at the beginning of February this year, Farcaster users have collectively shared over 8600 videos, averaging 958 uploads per week. The feature is gradually being rolled out to all users. As of now, 1,396 unique users have shared a video, with each video receiving an average of 21.74 total likes. Additionally, 28 videos have received 500 or more likes, with the most popular video cast accumulating a total of 1,614 likes.
Source: farcasterinsights.com
  • In the last 14 days, Farcaster has had 73,228 active users. These users can be categorized into five tiers: NPC, active, star, influencer, and VIP. NPCs, defined as users with fewer than 400 followers, significantly outnumber all other categories. This suggests that Farcaster is still a relatively young network.
Source: Dune Analytics - @ilemi
  • 💦🔬 Tx-Level Alpha: The most recent Farcaster protocol release, named "Iguana," has been deployed. Each release is celebrated with a free NFT drop on Zora, available for collection for a 30-day period. Within the initial 8 days, Farcaster Iguana was collected by 44,760 unique minters, generating over 20 ETH ($71k) in total from creator reward fees. You can explore previous protocol NFT releases here and visit this thread to learn more about the main changes implemented with the release of Iguana.

② Lens 🌿

📈 Lens paid mints represented ~40% of all collectible publications with +77% paid for in the new memecoin $BONSAI.

  • When Lens was in closed beta, almost all collectible publications and mints were free (+90%). In March and with Lens protocol permissionless, there’s been an increase in paid mints at around ~40% of all mints. More interesting, this surge in paid mints coincides with the launch of the new meme token $BONSAI. $BONSAI was airdropped to active profiles across the Lens ecosystem and any onchain action can be paid for in $BONSAI.
Source: Dune Analytics - @sealaunch
  • $BONSAI memecoin launched on Lens at the start of March, but it rapidly took over wMATIC as the token of choice for users monetizing their content within Lens. In March, $BONSAI market share on Lens collected publications was around 77%, reaching a peak of almost 90% of paid mints last week.
Source: Dune Analytics - @sealaunch
  • Users can make their content collectible directly on Lens. Collects have an average of ~6k weekly minted publications and ~ 2k weekly collectors. Since going permissionless, this average has increased to ~10.6K mints and ~3.6k collectors weekly.
Source: Dune Analytics - @sealaunch

③ Drakula 🧛‍♂️

📈 Drakula sees 122 ETH worth of $DEGEN transacted on app

  • drakula.app is a short video platform on base that uses $DEGEN as its currency for people to earn through social media. There have been 13,021 token accounts (also known as submissions) deployed, with a somewhat consistent growth of at least 100+ accounts deployed after the platform's first three days' extraordinary results of having 1000+ accounts deployed. To date, 122 ETH has been traded on the platform, resulting in 453M $DEGEN tokens being spent on purchasing creator tokens within the Drakula app.
Source: Dune Analytics - @yesyes & @petertherock
  • In total, there have been 31,178 trades across 13,021 token accounts deployed. These have brought about economic activities amounting to a total of 4.9M, 244K, and 49K $DEGEN in seller revenue, creator earnings and platform fees respectively. The top few tokens that had seen the most being traded include Vitalik, dwr, Jesse where they had seen some of their creator tokens being traded at least 100 times.
Source: Dune Analytics - @petertherock
  • Drakula app is built on Safe. Its activities are built on the account abstraction toolkit by Safe, where there have already been 12,534 safes created, along with 24,244 total user op events. After an explosive growth in the app's the first five days, there has been a consistent daily number of userop transactions in the Drakula app.
Source: Dune Analytics - @petertherock
  • 💦🔬 Tx-Level Alpha: A lot of events to unpack here in this "simple" transaction of purchase. A swap of ETH to $DEGEN and a purchase of the CreatorToken was carried out. In addition, safes were created and deployed, along with a "userop" event being carried out. This transaction is simply one of the account abstraction transactions made on Safe, with the goal of simplifying the user experience.

④ CyberConnect 🔗

📈 $34M+ staked on Cyber, CyberConnect’s new social Layer 2.

  • CyberConnect just launched Cyber, a restaked modular Layer 2 blockchain specifically designed for social experiences and optimized for mass adoption. The social L2 offers native yield, native account abstraction, an enshrined social graph, a decentralized sequencer network, and a decentralized storage solution secured by EigenLayer AVS. Since the announcement, more than 2M $CYBER have been staked to secure the network. The team also announced a $2M grants program to fund developers building web3 apps on Cyber.
Source: Dune Analytics - @cyberconnecthq
  • CyberWallet is now the market leader in smart contract wallets with over 1.6M wallets deployed to date. The recent resurgence is due to CyberWallet’s partnership with Animoca Brands’ bluechip NFT project Mocaverse. As part of the partnership, CyberWallet is powering Moca ID, an onchain identity standard that gives NFT holders access to Animoca’ vast network of portfolio games and companies.
Source: Dune Analytics - @hashed_official
  • CyberID, the identity system to identify users in the CyberConnect ecosystem has recently crossed 120 ETH in revenue. Handles are available in a tiered-system where 12+ characters cost $5 and characters less than 12 cost between $10 and $10k. The recent rise in CyberIDs is attributable with a marketing campaign done in partnership with Binance web3 wallet.
Dune Analytics - @cyberconnecthq
  • 💦🔬 Tx-Level Alpha: On Cyber L2, more than 3,000 wallets have staked $1000+ in $CYBER. This shows a sign of healthy decentralization among token holders and should be considered good for the overall health of the network. Over 38k unique addresses have staked $34M+ across Ethereum, Optimism, and BNB Chain. With over 29k addresses , the majority of CYBER stakers have done so on Optimism.

⑤ Pods.media 🎧

📈 Pods.media crosses 22.7k in protocol revenue with 4.8k users minting 10.9k podcast NFTs

  • Pods.media allows creators to 1-click publish Podcasts as collectible NFTs, earn revenue, recognize their true fans, and give utility. Since Q3 2023 Pods has onboarded 30 shows, publishing 254 unique episodes being collected by 4.8k users.
Source: Dune Analytics - @socialgraphvc
  • Weekly Revenue is has grown from $300 in January to $3.9k in March across 12 active shows.
Source: Dune Analytics - @socialgraphvc
  • The top 4 shows boast ~60% of the revenue. Internet Explorers by Seed Club leads with 18.4%, generating $4.1k in revenue and Invest in Music is second with 18.2%.
Source: Dune Analytics - @socialgraphvc
  • 💦🔬 Tx-Level Alpha: kamildeb.eth is the most recent collector of Unchained’s Eigenlayer Episode, the most active episode on Pods. 540 unique collectors have collected 545 NFTs editions of this episode, generating ~$1.5k in protocol revenue alone, which is split between Pods and the creator.

Thanks for reading OurNetwork! Subscribe for free to receive new posts and support our work.