Decentralized social update: Everything is still on fire

The author argues that Farcaster, a blockchain-based social protocol, is not as decentralized as it claims and faces monetization and moderation problems that will likely lead to enshittification. Farcaster requires a registered Farcaster ID on chain tied to an Ethereum account, and storage is paid rent, with $7 said to store 5000 casts. The author notes that Warpcast, the main client run by Merkle Manufactory, which has raised $30 million in seed capital, took over the /interns channel, and that paying 130 Warps to post in a paid channel and $5 to use the platform add friction.