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Share link:In this post: SocialFi protocol Farcaster is struggling to generate revenue as its activity also declines. SocialFi apps are struggling across the board, and the situation has caused a lot of speculation within the crypto community. DEGEN is down 87%, but some users are still bullish on Farcaster.
Web3 social protocol Farcaster is struggling as user activity and revenue have dropped to the lowest levels over the last four months. According to available data, the Ethereum-based platform recorded around $10,000 in fees in October.
According to crypto media personality Chris Jourdan , who spotlighted the decline of the SocialFi app, Farcaster’s recent performance is quite significant given that it completed a $150 million fundraise valued at $1 billion in May 2024. So far, the project has raised $180 million from investors.
However, its revenue since launch has been underwhelming. It has only made a cumulative amount of $2.34 million since it launched in September 2023. Interestingly, it reached the $2 million in revenue milestone on July 1, meaning that it has made less than $400,000 over the last four months.
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