on-chain social

Lens | Farcaster | pods.media | Zora | Friend.tech

👥 Cody Garrison | Dashboard

📈 OpenSocial, Farcaster, DSCVR, and Lens are the four most commonly used on-chain social protocols, with a total of over 250,000 daily active users.

• on-chain social is an emerging area that allows users to share and manage their "social graph" across different applications without having to rebuild followers each time. The field is constantly breaking records in terms of daily active users, developer participation, and fundraising. While Farcaster and Lens have always been seen as leaders, the OpenSocial protocol in the Asia-Pacific region has surpassed 100,000 daily active users this week, exceeding the total of 65,000 for Farcaster and 25,000 for Lens. DSCVR based on Solana also broke 60,000 daily active users, although it has not been followed much.

Dune[1][2]| Flipside[[1]from @filarm, @opensociallabs, @dscvr

Zora Network is a dedicated L2 network for the Zora platform, where users can share, mint, and collect Non-fungible Tokens in its curated social feed. It can be described as an “on-chain version of Instagram”. Zora shares minting revenue with creators and has brought in 3,586.5 ETH (approximately 8.5 million USD) for creators since July 2023, with 350 ETH (approximately 830,000 USD) in creator earnings distributed in August 2024 alone.

Dune - @sealaunch

• Friend.tech was once a star in the SocialFi field, but now it is gradually fading away. In October 2023, Friend.tech had over 10,000 daily active users and generated daily revenue of over $100,000. On September 14, 2023, the revenue even exceeded $1 million. However, in the four months since May, the growth of new users has significantly slowed down (only 3 new users added on September 4), and the volume and key Money Laundering have decreased by more than 95%. Since the team announced on June 9 that they would migrate from Base to their own Layer 2 network Friendchain, the platform's Token $FRIEND has fallen by 85%, from $0.887 to $0.120 - but the plan has been canceled. The platform's daily volume is now only $7,600, compared to a peak of $10 million in mid-May.

Dune - @whale_hunter

Lens

👥 David | Website | Data Dashboard

📈 Lens currently has about 20,000 daily active users, a 50% decrease from its peak, with users generating about 65,000 posts per day.

• Lens is an on-chain social protocol that supports on-chain social activities such as posting, follow, and building personal profiles. The current daily active users have tripled compared to last year, but have decreased by 50% compared to the historical peak of 40,000 in June 2024.

Dune - @sealaunch

• In terms of active users, Phaver is the most popular application, accounting for 50% of users. However, in terms of user monetization ability, Orb occupies about 60% of the market share - although Orb users account for less than 10%, the monetization effect brought by these users is the most significant.

Dune - @sealaunch

• Lens generates revenue by charging a 5% fee when minting profiles and collecting posts online, similar to Farcaster. To date, Lens has accumulated approximately $500,000 in revenue through these methods.

Dune - @sealaunch

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Trading Highlights:

User Lulita posted a photo as a collectible on Lens, and other users minted it 5 times, paying 100 $BONSAI (Lens creator's meme token) each time, bringing the creator a total of $3.5 in revenue. Overall, the monthly revenue of this economic system is between $10,000 and $20,000, a significant decrease from the peak of $270,000 in April.

Farcaster

👥 Anthony Loya | Website | Dashboard

📈 Farcaster currently has 675,632 users and is connected to 729,670 addresses.

• Farcaster is a social media protocol that supports the development of applications, using FID (Farcaster ID) to identify users and supporting cross-platform interactive functions. From March 2024 to September, the daily 'casts' (similar to posts on social media) rose from 200,000 to over 1.4 million, with peak interactions approaching 5 million. After a period of stability in June and July, the data for September shows that there are 550,000 to 600,000 'casts' per day, 1.5 million to 2 million interactions, and 200,000 to 300,000 link shares, significantly higher than the levels in March.

Dune - @pixelhack

• According to the average data of the past 30 days, Farcaster has 604,786 'casts' and 1,584,278 interactions per day. The platform has also added 898,015 'signers', a feature that allows users to safely authorize operations to applications without worrying about the security risk of the entire account. Individual creators such as @cryptohindio and @cryptoteluguo have also received widespread followings, with their posts receiving over 30,000 interactions each. However, the platform still faces some challenges in maintaining user activity. The ratio of DAUs to monthly active users has fluctuated between 0.2 and 0.4 in the past year, indicating potential challenges in user retention.

Dune - @pixelhack

• From March to September 2024, Farcaster users' transactions mainly rely on the Base network, accounting for 70-80% of total activities, with an average of 1,000 transactions per day. Ethereum Layer 2 solutions, especially Optimism and Arbitrum, have shown significant adoption rates. At the same time, Zora has also seen a rise in popularity in Non-fungible Token activities, while the Ethereum mainnet maintains a stable volume of 5-10%. This trend reflects users' preference for scalable and cost-effective solutions while participating in a diverse blockchain ecosystem.

Dune - @pixelhack

Pods.media

👥 David | Website | Dashboard

📈 The total minting volume of Pods has exceeded 900,000, with over 400,000 mints.

• Pods.media is a publishing platform designed for encryption creators, who can publish their podcasts as Non-fungible Token collectibles with one click. Traditional RSS feeds can also interact with podcast content through Web2 platforms. Non-fungible Tokens enable creators to earn money through podcasts, identify their core fans, and give podcasts more functionality. Since the third quarter of 2023, Pods has launched 70 podcast programs and released 945 unique episodes, attracting 109,000 independent Wallets for collection.

Dune - @socialgraphventures

• The platform's monthly revenue rose 175 times from $800 in January, reaching $140,000 in August, currently with over 30 active programs.

Dune - @socialgraphventures

• 60% of the revenue comes from the top three programs. Adam Levy's program 'Mint' accounts for 49% of the market, generating $448,000 in revenue, while Coop Records ranks second and contributed 8.8% of the revenue ($81,000).

Dune - @socialgraphventures

🔦 Trading Highlights

One of the current popular podcasts is "Terminally Onchain with YB" produced by Hypersub. In the show, host nonlinear.eth and YB discuss his background in venture capital and how he monetizes his on-chain creations using the Hypersub platform. The podcast episode was minted 6,000 times and generated a total revenue of $11,500, which is shared between Pods and the podcast creator.

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