Farcaster Shifts Focus to Wallet, Abandons Social Media

Farcaster, a decentralized social network, is pivoting its strategy. After years of attempting to create a Twitter-like platform, the company will now concentrate on its in-app wallet and trading features. This shift comes after co-founder Dan Romero admitted their social-first approach didnt find a sustainable growth model. The wallet, launched earlier this year, has been a surprising success, becoming the top driver for new users and engagement. This led the team to re-evaluate their core strategy, moving away from social interactions and towards financial tools. The wallets trading capabilities have shown the strongest product-market fit in Farcasters history. The new approach is a come for the tool, stay for the network strategy, with users drawn in by a useful wallet and then exposed to social features built on the same technology.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.