Web3 social media protocol Farcaster is integrating the Base-based AI token launchpad.
Farcaster’s acquisition of Clanker, an AI agent-powered token launchpad on Layer 2 Base, sent the CLANKER token up over 360% in the past week. The move signals the web3 social media platform’s push further into the finance side of social finance (SocialFi).
CLANKER reached a new all-time high near $143 on Oct. 26, and is currently trading around $112.
CLANKER 7-day price chart. Source: CoinGeckoBy integrating Clanker’s infrastructure, Farcaster, which initially positioned itself as a decentralized social media platform, now appears poised to compete more directly with other Base-native SocialFi platforms, such as Zora.
As part of the transition, Farcaster said in an X post on Oct. 23 that it plans to integrate the token-launching AI agent platform, also known as tokenbot, “more deeply” into its app to make it easier for users “to create and participate in onchain communities.”
Following the acquisition, Farcaster said it will use Clanker’s protocol fees to buy and hold CLANKER, while tokens from earlier versions’ fee vaults will be burned to reduce circulating supply. Additionally, roughly 7% of total CLANKER tokens have been permanently locked in a one-sided liquidity pool to boost market depth, per the announcement.
Shortly after the news, on Oct. 28, Farcaster also reported that its daily active users (DAU) had reached an all-time high, though the platform didn’t disclose specific figures.
MAU on Farcaster. Source: DuneData from Dune Analytics shows that the decentralized social network has around 1.4 million registered users, but only about 20,000 were active as of September this year.
Among Top Protocols
While financial terms of the acquisition weren’t disclosed, the move follows months of development overlap between the two projects.
Clanker was created in November of last year by Farcaster ecosystem developers Jack Dishman and pseudonymous user proxystudio. Within weeks, the platform gained traction for sparking the “AI memecoin boom” on Base, enabling users to launch new tokens via text-based prompts.
However, in May, the project was involved in controversy, and ended up severing ties with proxystudio after the developer was identified as the same person who had used the pseudonym Gabagool.eth, and was a former Velodrome Finance team member involved in a $350,000 theft in 2022.
As The Defiant previoulsy reported, funds were later returned, and there is no evidence of wrongdoing during the developer’s time at Clanker.
Since its debut, Clanker has generated more than $50 million in fees, according to data from DefiLlama.
Base protocols by weekly revenue. Source: DefiLlamaClanker is also the fourth-largest protocol on Base in terms of weekly revenue, generating over $482,300 in the past seven days.
Source: https://thedefiant.io/news/nfts-and-web3/farcaster-acquires-clanker-tokenbot
