Surging activity on Farcaster, a \u2018sufficiently decentralized\u2019 social media protocol, has spawned a new wave of memecoins on Base, the Ethereum Layer 2 network built by Coinbase.<\/p>\n
DEGEN<\/a>, a token launched in early January with an airdrop for active Farcaster users, is down 20% today after rallying more than 1000% in the past week.<\/p>\n <\/p>\n <\/a><\/p>\n A second airdrop is underway with a campaign to incentivize engagement on the platform. Users get a daily \u2018tip allowance\u2019 to reward their posts of choice, with the recipients being able to claim tokens.<\/p>\n <\/p>\n The flurry of activity comes after Farcaster launched Frames<\/a> last week, enabling users to embed mini-apps in their posts (called casts on the platform). Community members have been quick to embrace the new feature, launching NFT mints, token airdrops, games and more.<\/p>\n Other notable tokens include FRAME<\/a>, which peaked at $10M on Jan. 4, and GUAC<\/a>, which can be claimed daily by Farcaster users.<\/p>\n Meanwhile, most major memecoins have had a rough week, with Solana-based BONK and WIF down 14% and 33%, respectively, in the past seven days. PEPE on Ethereum dropped 12%.<\/p>\n![\"Guac](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Fcf6bbe54072f8acc68a522e72748721d6aa51fd7-1105x755.jpg&w=828&q=100\")