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Dan Romero
@dwr.eth
What is the most frustrating thing about Farcaster right now? Reply and like the replies from others that resonate. I’ll only ask clarifying questions (ie I won’t tell you you’re wrong) and then respond to a dozen or so top answers in a video this weekend with how we think about it.
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Ben
@benersing
No native token = never ending supply of new tokens trying to become the de facto token of Farcaster.
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Dan Romero
@dwr.eth
What would a token do in your pov?
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Ben
@benersing
1. Reduce the noise/spam of all the other tokens popping up to fill demand 2. Allow greater value accrual to FC users 3. An additional incentive lever to attract and retain new “professional” content creators with large existing audiences
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Dan Romero
@dwr.eth
Hypothetical — let's say a token suddenly appears — what would give it value from your pov? What gives it value 5 years from now?
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Samuel ツ
@samuellhuber.eth
To me only sensible option is staking for write hubs but I doubt that finances there are valuable as design mechanism I think ETH if needed + social rep is more important in Farcaster the next 5 years
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Ben
@benersing
That depends on the design. A utility token accepted by apps on the FC protocol (like Warps) but with market price discovery could let users prepay for future app usage at a discount, assuming today's price is lower than next year's. To incentivize long-term holding over short-term speculation, it could limit purchases to verified wallets and require a percentage of holdings to be locked for a set period, with no APY. I’d buy and hold a lot since I’m committed to this ecosystem and expect to pay 3rd party app subscription fees for years to come.
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pabluzx
@pabluzx.eth
In any case, you can tie up some new mechanics on the token that are not available in other social networks, and in this race to attract users, the winner will be the one who will do what others have not done yet. Using the example of $dash, the coin has remained liquid and valuable for many years, it is like a means of payment with partnerships with a bunch of large companies, why doesn't farcaster implement its payment system inside the warpcast, where users can conditionally pay for nike sneakers with $FARC tokens right with one click under the post about these sneakers Also, the token has always played a role in the development of the ecosystem through the allocation of grants for the development of projects - devs have an incentive to build high-quality worthwhile projects on farcaster.
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