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Farcaster Pro "Golden Shovel" debuted and recouped investment, what other Airdrops are on the way? How is the roadmap planned?
Written by: KarenZ, Foresight News
This week, Farcaster sparked community discussions due to the limited edition NFTs of its Pro subscription service and the anticipated ecological airdrop. The first 10,000 Pro subscribers can receive limited edition NFTs, while the top 500 claimants in the PROCOIN token airdrop could see returns valued at up to $700, which is about 6 times the subscription cost ($120). This has led some users in the community to view the Farcaster Pro subscription as having "golden shovel" attributes, creating a combination effect of "limited rights + potential airdrop." Users in the community have already compared PROCOIN to Degen in discussions.
Farcaster Pro subscription requires a payment of 120 USDC or 12,000 Warp annually in the mobile application. According to Dune data, the increase in new subscriptions has significantly slowed down after the number of Farcaster Pro subscriptions exceeded 10,000, with a total of 10,894 subscriptions currently.
Besides PROCOIN, what other airdrop opportunities are available for Farcaster Pro users (especially the first 10,000 subscribers)? How will the future development roadmap of Farcaster Pro be planned?
PROCOIN Airdrop total supply is 50%
On May 29, Beijing time, Farcaster ecosystem developer @mjc716 announced the launch of the PROCOIN token, which is regarded as a community-led governance token for Farcaster Pro users. PROCOIN is directed to the first 10,000 subscription users of Farcaster Pro through an Airdrop. The rules indicate that the token transfer function will be opened after 500 users claim their tokens, and the claiming method is to reference the related post and append the text "Ratifying @procoin governance."
Regarding the tokenomics design, PROCOIN airdropped 50% of the total amount of tokens to the top 10,000 subscribers of Farcaster Pro, and another 50% has been deposited into Uniswap V4. LP revenue will be fed back to subscribers to form continuous revenue. In addition, the first 500 token claimants will receive about 5x the allocation, and subsequent claimants will receive 42,105 PRO tokens. The PRO market cap peaked at $3.5 million at around 10:00 today, and has fallen back to around $2 million at the time of writing. This means that the first 500 token claimants can sell up to more than $700. As of 12:56, 6,736 Farcaster Pro users have claimed tokens.
Regarding token utility, @mjc716 regards PRO tokens as the beginning of the governance and coordination mechanism for the entire Farcaster community. The top 75 token holders will be appointed as Pro Councillors. Pro Councillors will have the privilege to post in the upcoming Procoin Forum mini-app. The list of Pro Councillors will be dynamically adjusted based on changes in token trading, and a delegation mechanism may be introduced in the future.
10K will Airdrop to Farcaster Pro users on June 4.
The on-chain short video social application 10K (formerly Drakula) founder alexmasmej.eth also stated that the 10K Watch-to-Earn App (v2) will be relaunched on June 4, and there will be an Airdrop for Farcaster Pro users.
Drakula was originally deployed on Base, then left Base and in mid-May changed its name to 10K and migrated to the Solana ecosystem. The founder alexmasmej.eth also released the Watchcoin token on 10K. On the day of its release, Watchcoin's market cap once soared above 80 million USD, but then it fell all the way down, and the current market cap is around 8 million USD.
After Farcaster added support for Solana on May 23, alexmasmej.eth stated that there would be an interesting Airdrop on Solana, and this promise is about to be fulfilled. 10K will also upgrade its economic model to address bot challenges, and the improved creator coin economics include:
The cost of receiving viewing rewards is approximately 0.21 USD, but 10K indicates that trading fee subsidies will soon increase. The presale model will also be opened to everyone from being application-only. In the future, 10K will also support connecting to Farcaster.
It is worth mentioning that alexmasmej.eth initiated a discussion on Farcaster, asking the community whether they support renaming 10K to Watchcoins, hoping that the name change will further clarify the project's brand positioning, focusing on features related to video content, token incentives, or watch-to-earn.
Farcaster Pro Roadmap
Farcaster founder Dan Romero stated, "Farcaster Pro is a key step in promoting the sustainable development of the protocol. Raising a large amount of funds solely from investors and then consuming it is not sustainable—this is merely a tactic, not a strategy. If the protocol can charge users an annual fee that they are willing to pay, it can obtain an independent budget to support matters that are truly important to the protocol, without relying on any single company."
Farcaster has raised a total of $180 million, completing a $150 million funding round in May last year, led by Paradigm, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto, and others.
Dan Romero stated, "Currently, Farcaster has adopted a pragmatic and efficiency-seeking initial solution: collecting fees in a centralized manner and distributing rewards through algorithms. In the coming weeks, the Pro subscription will transition to an on-chain permissionless model. In the long term, ideally, Farcaster hopes to upgrade the reward mechanism to be closer to the block reward model of Bitcoin or Ethereum—where the collection and distribution of funds are entirely handled by the protocol layer."
The recent roadmap for Farcaster Pro is as follows:
Dan Romero emphasized that all features of Farcaster in the future will be available to all Pro subscription users, regardless of whether they own an NFT. Dan Romero emphasized that the Farcaster Pro subscription will not increase users' influence, visibility, or returns.
The goal of Farcaster Pro subscription revenue is to maximize protocol income—all revenue will be used to reward creators and developers. Farcaster will balance reward distribution over the coming months and even throughout the year to avoid a one-time spike in rewards. The reward pool for next week will increase, but it will not increase the total amount of Pro subscription revenue.
Summary
Farcaster is regaining community attention with its new business model, exploring sustainable development paths for decentralized social through the combination strategy of "subscription + mini app + wallet component + multi-chain support". The "golden shovel" attribute of Farcaster Pro is reflected in three aspects:
Farcaster Pro limited edition NFT is not the endpoint, but rather the "trigger button" for ecological dividends, expected to bring more surprises and rewards to users.
In addition to the Airdrop for Farcaster Pro users, the Farcaster ecosystem project is airdropping to ecosystem users. Farcaster announced on May 23 that it has added support for Solana, suggesting that users deposit $10 SOL to increase their chances of participating in future airdrops from the Solana team.
According to Linda Xie, a member of the Farcaster team and founder of Bountycaster, circus.fun will also conduct an Airdrop for Farcaster users. circus.fun will launch the Circus Protocol, while its social native token issuance platform Jestr will retain its independent product within the Circus Protocol (the JSTR token will soon be replaced by the CIRCUS token). Jestr allows creators to deploy Solana tokens directly from platforms like X and Farcaster. circus.fun stated that it will later integrate deeply with Farcaster, using mini apps, embedded wallets, and social graphs to make token issuance smarter, more contextual, and more practical, helping creators launch, manage, and grow their token communities. circus.fun currently supports earning points by launching, purchasing, and holding tokens on Jestr to obtain CIRCUS token allocations (ending on June 13).