The acquisition of Farcaster platform Clanker, an AI agent-based token launchpad operating on the L2 network Base, triggered a rise in the CLANKER token of more than 360% over the past week. This move shows that the Web3 platform Farcaster is increasingly shifting towards the financial component of SocialFi.
On October 26, CLANKER hit a new all-time high, rising to $143. The token is now trading around $112.
CLANKER 7-day price chart. Source: CoinGecko
Thanks to the integration of Clanker infrastructure, Farcaster, previously positioned as a decentralized social network, is now directly competing with other SocialFi platforms in the Base ecosystem, such as Zora.
In a post on October 23, the Farcaster team stated that it plans to integrate the AI token launch platform into its app to make it easier for users to create and participate in on-chain communities.
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Immediately after the deal, the Farcaster team announced that it would use Clanker protocol fees to buy back and hold the CLANKER token. At the same time, tokens from old “commission vaults” will be burned to reduce the circulating supply.
In addition, about 7% of the total CLANKER token supply has been permanently locked in a one-sided liquidity pool — this should increase market depth.
On October 28, shortly after the announcement, Farcaster also reported a new all-time high in daily active users (DAU). However, the social network did not disclose specific numbers.
MAU chart on Farcaster. Source: Dune
According to Dune Analytics, about 1.4 million users are registered on the decentralized social network. But in September, only about 20,000 of them were active.
One of the top protocols on the Base network
The terms of the Farcaster and Clanker deal are not disclosed, but it is known that the projects began to overlap a few months before the merger.
Clanker appeared in November last year, created by developers from the Farcaster ecosystem, Jack Dishman and an anonymous participant under the pseudonym proxystudio. Within a couple of weeks, the platform went viral. Users could issue tokens via text commands.
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However, in May the project was at the center of a scandal. It turned out that proxystudio is a former developer of Velodrome Finance, known as Gabagool.eth, who was involved in the theft of $350,000 in 2022. After that, all ties with him were completely severed.
The stolen funds were returned, and during the work on Clanker no violations were found.
Since its launch, Clanker has already brought in more than $50 million in protocol fees, according to DefiLlama.
Protocols on the Base network by weekly revenue. Source: DefiLlama
Clanker ranks fourth in weekly revenue among all Base protocols, earning more than $482,000 in the past 7 days.
