“The protocol still consists of casts, follows, reactions, identities and wallets, and third-party clients are free to emphasize whichever components they want.”, — write: www.coindesk.com
Cofounder Dan Romero said in a series of posts over the weekend Romero said the team spent 4.5 years pursuing a social-first strategy but never achieved a sustainable growth loop, despite attempts to seed activity and support third-party clients.
“We haven’t been able to find a sustainable growth mechanism for the Twitter-like social network,” he said. “No product-market fit.”
The wallet, launched earlier this year, has quickly become the network’s strongest driver of new users and engagement, prompting the company to reorient its focus around financial use cases rather than social ones.
Romero added that the wallet’s trading tools have shown the clearest evidence of product-market fit in Farcaster’s five-year history.
“To reiterate: we’re focused on building a great wallet,” he wrote. “Every new, retained wallet user is a new user for the protocol.”
The shift marks a significant strategic break for a project that once positioned itself as the most credible attempt to decentralize consumer social media.
Instead, Romero articulated a “come for the tool, stay for the network” thesis, which onboards users through a useful wallet, then exposes them to social features built on the same protocol.
As such, Romero pushed back on criticism that the pivot turns Farcaster into a trading app with a social wrapper. The protocol, he said, still consists of casts, follows, reactions, identities and wallets, and third-party clients are free to emphasize whichever components they want.
“Our app is leaning more into the intersection between wallets and social,” he said, noting alternatives like Uno, Recaster, Zapper and Firefly.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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Coinbase halted services entirely in 2023, off-boarded millions of Indian users and shuttered local access while reassessing regulatory exposure.
- Coinbase has resumed onboarding users in India, marking its return to the market after a two-year hiatus due to regulatory issues.
- The exchange is currently allowing crypto-to-crypto trading and plans to reintroduce fiat on-ramps next year.
- Despite regulatory challenges, Coinbase is investing in India, including increasing its stake in local exchange CoinDCX.
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