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  • šŸ“ˆ Farcaster Sees 400% Increase in Active Users

šŸ“ˆ Farcaster Sees 400% Increase in Active Users

Plus: Pixelmon Secures $8M in Seed Funding while Janet Yellen Is Hating on Crypto

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Est. read time: 4 minutes

Social media actually is headed towards decentralization and we are so here for it.

Letā€™s digest:  šŸ“ˆ 

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

šŸ“ˆ MARKETS

NFT Market Flash

Market Flash

šŸ“° TODAYā€™S TOP STORY

Farcaster Sees 400% Increase in Daily Active Users

Farcaster

The Farcaster network, built with Coinbaseā€™s 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 Farcasterā€™s latest release known as Frames on the Warpcast app:

  • Frames turns social media posts into ā€œmini-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:

Although the team did experience a slowdown on Sunday due to higher traffic spikes from ā€œcertain 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

 šŸŸ  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

šŸ¦ 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.

Theyā€™re expected to touch on:

  • The dangers of stablecoins

  • Volatility in crypto asset prices

  • The operation of platforms outside regulatory compliance

Sheā€™ll 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

šŸ’” INSIGHT

Squiggles Sales Are UP 

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