Farcaster Pro's "Golden Shovel" debut will pay off, and what other airdrops are on the way?

Original Author: KarenZ, Foresight News

This week, Farcaster sparked community discussion with its Pro subscription service's limited-edition NFTs and eco-airdrop expectations. The first 10, 000 Pro subscribers can get limited edition NFTs, and the value of the earnings of the first 500 claimants in the PROCOIN token airdrop reaches up to $700, which is about 6 times the cost of the subscription ($120), which makes the Farcaster Pro subscription regarded by some users in the community as having the attribute of "golden shovel", forming a combination effect of "limited equity + potential airdrop". There are already users in the community who have compared PROCOIN to Degen.

A Farcaster Pro subscription requires a fee of 120 USDC or 12, 000 Warp per year in the mobile app. According to Dune, new subscriptions have slowed significantly after surpassing 10,000 Farcaster Pro subscriptions, bringing the total number of subscribers to 10, 894.

In addition to PROCOIN, what other airdrop opportunities are available for Farcaster Pro users, especially the first 10,000 subscribers? What is the future roadmap for Farcaster Pro?

50% of the total supply of PROCOIN airdrop

On May 29, Beijing time, Farcaster ecosystem developer @mjc 716 announced the launch of the PROCOIN token, which it regards as a community-led governance token for Farcaster Pro users. PROCOIN targeted airdrop to the top 10, 000 subscribers of Farcaster Pro. According to the rules, the token transfer function will be available after 500 users claim it, and the claim method will be by quoting the relevant post and accompanying 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 the other 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 at the time of writing, the market cap fell back to around $2 million. 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, @mjc 716 sees the PRO generation as the beginning of the governance and coordination mechanism of the entire Farcaster community. The 75 holders with the highest token holdings will be appointed as Pro Councillors (Pro Councillors). Pro directors will have the privilege of posting in the upcoming Procoin Forum mini-app. The list of Pro directors will be dynamically adjusted, and an entrustment mechanism may be introduced in the future according to changes in the purchase and sale of tokens.

10 K will be airdropped to Farcaster Pro users

founder of the on-chain short video social app 10 K (formerly Drakula), alexmasmej.eth, also said that it will re-launch the 10 K Watch-to-Earn App (v2) on June 4 and will airdrop it to Farcaster Pro users.

Drakula was first deployed on Base, then moved out of Base, and was renamed 10K in mid-May and migrated to the Solana ecosystem. The founder, alexmasmej.eth, also released the Watchcoin token on 10 K. On the day of its launch, Watchcoin's market cap briefly rose above $80 million, and then fell all the way down to its current market cap near $8 million.

After Farcaster added support for Solana on May 23rd, alexmasmej.eth said it would be running an interesting airdrop on Solana, and now that promise is about to be fulfilled. 10K will also upgrade its economic model to address the robotics challenge, with improved creatorcoin economics including:

1. a hard cap of $10,000 for graduation;

2. Remove the 24-hour timer to prevent market capitalization from inflating;

3. A small amount of purchases are required to earn points for viewing.

costs about $0.21 to claim a viewing bonus, but 10 K means a transaction fee subsidy will be added soon. The pre-sale mode will also be open to everyone from application only. In the future, 10 K will also support Farcaster connections.

It is worth mentioning that alexmasmej.eth initiated a discussion on Farcaster asking if the community supports the renaming of 10 K to Watchcoins, hoping to further clarify the project's brand positioning through the name change, focusing on features related to video content, token incentives, or watch-to-earn.

Farcaster Pro Roadmap

Dan Romero, founder of Farcaster, said, "Farcaster Pro is a critical step in driving the protocol forward. It's not sustainable to simply raise a lot of money from investors and then spend it – it's tactical, not strategic. If the protocol can charge an annual fee that users are willing to pay, it will have an independent budget to support what really matters to the protocol, rather than relying on any single company."

Farcaster has raised $180 million in cumulative funding, closing $150 million in May last year, led by Paradigm with participation from a16z crypto, Haun, USV, Variant, Standard Crypto and others.

"At the moment, Farcaster has taken a pragmatic and initial approach with a focus on efficiency: a centralized way to collect fees and algorithmically distribute rewards. In the coming weeks, Pro subscriptions will move to an on-chain permissionless model. In the long term, ideally, Farcaster wants to upgrade the reward mechanism to a block reward model that is closer to Bitcoin or Ethereum, where the collection and distribution of funds is done entirely by the protocol layer."

The near-term roadmap for Farcaster Pro is as follows:

a. Launch of on-chain contract/protocol upgrade for Farcaster Pro

b. Add an undisclosed benefit (available in the next day or two)

c. Support for 10, 000-character long text casts

d. Each Cast can be accompanied by up to 4 imagese

. Support for giving away Pro subscription function - May support monthly giveaways (e.g. $ 10/month)

Dan Romero emphasized that in the future, all Farcaster features will be available to all Pro subscribers, regardless of NFT ownership. Dan Romero emphasized that a Farcaster Pro subscription does not increase the user's reach, visibility, or return.

The goal of Farcaster Pro subscription revenue is to maximize protocol revenue – all revenue will be used to reward creators and developers. Farcaster will balance the distribution of rewards in the coming months and even throughout the year to avoid a one-time spike in rewards. Next week's reward pool will increase, but not the full amount of Pro subscription revenue.

SummaryFarcaster is regaining the attention of the community with its new business model, exploring the sustainable development path of 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 levels:

• scarcity of the first 10,000 subscribers: limited NFT lock-in early benefits;

• Ecological returns: high returns and governance rights of community airdrops;

• Promote the sustainable development of the agreement, ambush the potential airdrop of Farcaster in the future, and accumulate the possibility of future ecological value-added.

The Farcaster Pro limited edition NFT is not the end, but the "trigger button" of the ecological dividend, which is expected to bring more surprises and gains to users.

In addition to the airdrop to Farcaster Pro users, the Farcaster ecosystem project is airdropping to ecological users. When announcing the addition of support for Solana on May 23, Farcaster said that it is recommended that users deposit $10 SOL to increase their chances of participating in future airdrops by the Solana team.

According to Linda Xe, a member of the Farcaster team and founder of Bountycaster, circus.fun will also be airdropping to Farcaster users. circus.fun will launch Circus Protocol, while its social native token issuance platform, Jestr, will retain its standalone offering in Circus Protocol (the JSTR token will soon be replaced by the CIRCUS token). Jestr enables creators to deploy Solana tokens directly from platforms such as X and Farcaster. circus.fun said it will then be deeply integrated with Farcaster, using mini apps, embedded wallets, and social graphs to make the token offering smarter, more contextual, and more practical, helping creators launch, manage, and grow their token communities. circus.fun currently supports earning points by launching, buying, and holding tokens at Jestr to earn CIRCUS token allocations (ends June 13th).