The most successful project in web 3 SocialFi, @farcaster_xyz, has officially exited the SocialFi game, marking the end of the SocialFi craze that sent many people packing.

This is also a surprise to me, as I had quite high expectations for @farcaster_xyz. Personally, I think it was doing very well and was quite stable. I didn't expect it to suddenly drop out of the game like this.

@farcaster_xyz currently dominates the web 3 social network space, but if compared to traditional web 2 platforms like X or Facebook, it really is nothing...

Perhaps the project's biggest concern is that if they keep pushing to develop a web 3 social platform—investing a lot of manpower and money—but then a web 2 project like X announces web 3 integration, wallet linking, or direct payment, all their efforts will go to waste.

RIP Farcaster; 50 accounts—every account has to pay—heading off to distant lands