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š Farcaster Sees 400% Increase in Active Users
Plus: Pixelmon Secures $8M in Seed Funding while Janet Yellen Is Hating on Crypto
āļø GM
Est. read time: 4 minutes
Social media actually is headed towards decentralization and we are so here for it.
Letās digest: š
1. Farcaster Sees 400% Increase in Active Users
2. Pixelmon Secures $8M in Seed Funding
3. Janet Yellen Wants Congress to Be More Strict on Crypto
š MARKETS
NFT Market Flash

Market Flash
š° TODAYāS TOP STORY
Farcaster Sees 400% Increase in Daily Active Users

Farcaster
The Farcaster network, built with Coinbaseās BASE platform, saw a 400% increase in daily active users, reaching nearly 25,000.
Developed by former Coinbase engineer Dan Romero and Varun Srinivasan in 2020, Farcaster aims to be a "sufficiently decentralized" social network.
The surge of activity is largely due to Farcasterās latest release known as Frames on the Warpcast app:
Frames turns social media posts into āmini-appsā that live on the feed of Forecaster
For example: Users can mint NFTs, play games, and buy online products right from their feed, without leaving the app.
The volume of daily "casts" escalated to more than two million by February 3, marking a 1,000% rise from approximately 200,000 the preceding week.
It's important to note the distinction between Farcaster and Warpcast; the latter is a social media application built upon the Farcaster network.
Thanks to Farcaster's EdDSA authentication system, Frames operates with no risk of wallet drain for transactions made within its environment:
An easy to miss part of frames is it's powered by Farcaster's EdDSA auth system.
1. UX ā every Farcaster user already has an EdDSA in the app they are using whether Warpcast or Supercast or something else. Every Farcaster client supports frames under the hood.
And forā¦ twitter.com/i/web/status/1ā¦
ā Dan Romero (@dwr)
6:28 PM ā¢ Jan 29, 2024
Although the team did experience a slowdown on Sunday due to higher traffic spikes from ācertain countriesā
Unlike other platforms such as Friend.tech, Warpcast users can access basic features without continuous purchases. However, connecting an ETH wallet unlocks the full spectrum of functionalitiesā¦
Go Deeper: BASE closed in on 2 million users in 2023
š Bitcoin
Pixelmon Secures $8M in Seed Funding

Pixelmon
Pixelmon, a decentralized gaming franchise that faced initial criticism for its art quality at launch in 2022, has successfully raised $8 million in a seed funding round.
The investment, led by firms including Animoca Brands, Delphi Ventures, and Foresight Ventures, could be a turning point for the projectā¦
Pixelmon initially debuted in 2022 with a $70 Million NFT sale just to get criticized for its poor artwork (It was pretty awful)
This new phase includes a new leadership team, the replacement of its initial artwork, and the development of a new strategic roadmap.
In October 2023, they launched "Kevin the Adventurer," a casual side-scroller game that contributed to an increase in the project's floor price from 0.35 ETH to a peak of 1.85 ETH.
Pixelmon is currently developing four games, including the anticipated PixelPals. These games will feature Pixelmon's signature mythical creatures, integrating the franchise's IP across its gaming ecosystem.
The seed funding will be used to accelerate the development of Pixelmon's casual and mid-core games and commit to overcoming initial setbacks of the project
š¦ REGULATION
Janet Yellen Wants Congress to Be More Strict on Crypto

Janet Yellen
U.S. Treasury Secretary Janet Yellen is set to address Congress, emphasizing the financial system risks associated with the crypto, with a particular focus on stablecoins and the potential for runs on digital asset platforms.
The FSOC, led by Yellen, aims to preempt financial crises, with cryptocurrency risks now among its primary concerns.
Theyāre expected to touch on:
The dangers of stablecoins
Volatility in crypto asset prices
The operation of platforms outside regulatory compliance
Sheāll likely advocate for more enforcement of existing regulations and is calling on Congress to enact legislation to regulate stablecoins and non-security crypto assets' spot market.
Yellen's testimony does not introduce new policies or initiatives but underscores the importance of addressing digital asset risks within the framework of U.S. financial oversight.
Non-fungible News
Gaming: Shrapnel NFT Shooter Launches Early Access on Epic Games Store
NFTs: Taproot Wizards Sells out āQuantum Catsā and Rakes in $13M
Crypto: Bitcoin Reaches Highest Monthly Volume Since Sep 2022
š” INSIGHT
Squiggles Sales Are UP
A fair bit of squiggle sales in the past day, after a stretch of quiet.
Fuzzy: 9.25 ETH
Color Spread 9: 10 ETH
Another Fuzzy: 9.24 ETH
Slinky: 8.5 ETHā NFTstats.eth (@punk9059)
1:54 AM ā¢ Feb 6, 2024
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