Dear Farther fam,
We launched only two months ago. Since then, you have:
Published more than 6000 tweets about Farther & Farcaster
Sent more than 66,600 tips totaling 13.3 million $farther
Integrated $farther into dozens of apps, frames, and cast actions.
And we're just getting started. β¨
Many community members have been asking about what's ahead, so this piece is an attempt to scope out the next few months. Let's dive in.
Upcoming changes
The evangelist system will end as of today. This was a fun and worthwhile experiment, but its value ultimately isn't worth the cost. Tipping within Farcaster is clearly a more impactful feature. And for that reason...
50 million tokens will be reallocated from the evangelist pool to the tipping pool. This will happen on July 1, and significantly increase the average allowance tippers receive each day. The remaining evangelist tokens will be added to the ecosystem pool, which will enable maximum flexibility to fund future initiatives.
Also starting July 1, the tip allowance algorithm will include a new multiplier that scales allowances based on each tipper's $farther balance. 100k will still be the minimum needed to tip, but a multiplier will also apply a scaling weight up to a balance of 1 million $farther.
In other words, if you hold between 100k and 1m, your allowance will be boosted relative to tippers who hold a smaller balance. The final math is still being determined at the time of this writing. It will be published on github and explained in more detail soon.
After the June rewards snapshot (which will be made this weekend), Liquidity bonus rewards will be capped at 2m per LP for the program. The aim of this is to make LP rewards more fair and mitigate negative market impacts of sophisticated LPs who capture the majority of rewards.
Beyond Tipping
Tipping is fun but if we're being honest, it's kind of a one-trick pony (1 $TRICKPONY π΄).
Also, all Farcaster tipping tokens launched since January are living in the massive shadow of their older brother, the almighty DEGEN.
So Farther needs something new. Something big. Something that will give $farther clear utility and create a symbiotic relationship with Farcaster, hopefully over many years.
I'm happy to announce the something is...
βββββββ! [REDACTED]
Ok, sorry I can't tell you what it is yet. But I can say its an idea I'm very excited about which has received positive feedback from multiple Farcaster veterans. It also is very aligned with Farther's mission of growing the number of quality active users on Farcaster.
That said, I must stress that it is ambitious and will take time to build β possibly months. More will be revealed as it comes together, but in the meantime I'm asking the Farther community for your faith & patience. Rest assured, I'll keep building. β¨
Love, Gigamesh (aka The Godfarther)
*Art by @donmarqvez
