#钱包社交转型 Seeing Farcaster's recent shift, I have an indescribable feeling. After four and a half years of adhering to a social-first approach, daily active users fell from a peak of 100,000 to 60,000, and then this year the social side directly experienced a 50% Slump, ultimately relying on the USDC deposit rewards in the Wallet feature to bring the numbers back — this process is very similar to the trajectories of failed projects I have seen in various cycles.

Do you remember those projects that bet purely on social interaction? They all made the same mistake: overestimating the appeal of decentralized socialization itself, while underestimating users' demand for financial incentives. Farcaster's honesty is commendable—Dan Romero candidly stated that he failed to find a sustainable growth mechanism, and that it is better to be pragmatic and survive than to stubbornly cling to ideals. This choice is more sincere than any grand narrative at present.

But what I want to say is that the logic behind this transformation is worth pondering. The wallet track is no longer a blue ocean; Base App, UniswapX, and Phantom are all competing for this market. Farcaster's advantage lies in its existing social traffic and user base, but this is also the easiest part to replicate. The key question remains — what kind of wallet do people really need? Simply piling on features will only make the product cumbersome, ultimately leading to mediocrity.

Historically, successful network products are often those that have identified a single core value and executed it to perfection. Farcaster is not trying to prove that it can create a Wallet, but rather that it can deliver a unique Wallet experience. The direction of content-driven financial interactions is imaginative, but whether it can truly materialize will depend on subsequent execution. The data from the next half year will speak for itself.