Farcaster users skyrocket by 400%, Genesis seeks $1.6B sale in Grayscale Trust, and Ethereum's WIF coin stirs controversy.
Farcaster’s Daily Active Users Soar 400% Amid “Frames” Craze

Farcaster’s Daily Active Users Soar 400% Amid “Frames” Craze

Feb 6, 2024
| Issue

Welcome to the first edition of Datawallet Daily for the week. As always, we’re spotlighting the key stories that have shaped the crypto market in the last 24 hours.

Farcaster’s Daily Active Users Soar 400% Amid “Frames” Craze

The Farcaster network has experienced a remarkable 400% increase in daily active users within a week, driven by the introduction of Frames on its social media app, Warpcast. Frames enable users to engage with external links and applications without leaving the platform, offering features like NFT minting and transactions. Founded in 2020, Farcaster, described as a “sufficiently decentralized” social network, has seen its user base grow significantly. 

Unlike some decentralized platforms, Warpcast doesn’t require a consistent stream of transactions, but connecting an Ethereum wallet unlocks additional features. This growth contrasts with a decline in other decentralized social media platforms like Friend.tech.

Genesis Seeks Approval to Sell $1.6B Held in Grayscale Trust 

Bankrupt crypto lender Genesis has filed a motion seeking approval to sell over $1.6 billion in Bitcoin, Ethereum, and Ethereum Classic held in Grayscale’s trust products. This move could add substantial selling pressure to the market, following a similar situation with FTX in January, coinciding with a price drop. Genesis holds nearly $1.4 billion in Grayscale Bitcoin Trust, which has converted into a spot ETF, along with $165 million in Grayscale Ethereum Trust and $38 million in Grayscale Ethereum Classic Trust. 

The lender’s bankruptcy involves Gemini as a key creditor, impacting over 100,000 users owed between $1 billion and $10 billion. 

Insiders Profit from Ethereum’s WIF Meme Coin Amid Controversy

The Ethereum version of the famous Solana meme coin, dogwifhat (WIF), saw a rapid price surge and subsequent drop within hours on Saturday. However, data suggests that a small group of insiders managed to acquire a substantial amount of Ethereum WIF tokens during their issuance. These insiders purchased 24 million tokens for $3,000 in ETH in the same block where trading began, raising suspicions of prior knowledge. 

The tokens initially soared from negligible values to 30 cents but later plummeted by over 80%. The issuer, @issa, distanced himself from the original Solana’s $WIF project, asserting no affiliation with Solana’s $WIF team. Despite this, @issa’s involvement boosted demand, resulting in significant trading volume and ongoing debates about the genuine “WIF” meme token in the crypto community.

Mode’s TVL Soars to $60M in 4 Days After Airdrop Announcement

Mode, an Ethereum Layer 2 network, has experienced rapid growth, with its TVL surpassing $60 million in just four days following the announcement of an airdrop campaign. The campaign will distribute 550 million MODE tokens (5.5% of the total supply) to early users, rewarding them for various activities within the network and the broader Ethereum ecosystem. Already, over $64 million in assets have been bridged to the network, and several native DeFi dApps have attracted $24.4 million. Mode operates on Optimism’s OP Stack and received a $6 million grant from the Optimism Foundation.

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