Welcome to the 211 new people who joined the onchain letters community since Sunday!
I'm thankful for all 2037 of you and I hope everyone is having a great start to the week 🔥
If you're enjoying my writing, please share Onchain Letters with your friends in Crypto and join the /onchainletters channel on Farcaster 🤝
Sections Below
Terminally Onchain Updates
Metrics
Miguelgarest Animations
BasePaint #230
Future of Onchain Shopping
The numbers don't lie
Let's dive in 🚀
Terminally Onchain Updates
There's been so much momentum with Terminally Onchain this past week and we're just getting started.
Metrics
The community crossed 150+ members and 3+ eth in earnings!
Here's the latest on the numbers, I'll make sure to post a screenshot every week so all of you can follow along.
Miguelgarest Animations Collab
Terminally Onchain partnered with Miguelgarest animations last Tuesday.
Miguel is a brilliant creator and has been making some fantastic animations covering Farcaster culture so well, check out his profile here!
He made such a cool animation for the Terminally Onchain & Onchain Letters brand, click here to watch the cute little envelope flop along :)
All Terminally Onchain subscribers were airdropped the mint directly to their wallets. And after posting on Farcaster, the community was able to help drive an additional 177 mints at a cost of 0.0015 eth for Miguel's work 🔥
This was my first time collaborating with an artist and I definitely enjoyed the experience!
I just saw Miguel crushing it the past few weeks on Farcaster and decided that he would be such a fun person to partner with, DM'ed him, and we successfully shipped in just 2 days 🚢
BasePaint #230 Collab
Terminally Onchain also partnered with BasePaint!
For those of you that don't know about BasePaint, it's one of the coolest projects that's on Base L2 and has been active since last summer when Base launched.
Everyday, pixel artists from around the world get together to make a new piece on a topic together. Every artist that chips in gets a piece of the rewards.
So far, creators on BasePaint have already earned 300+ eth in under a year 🤯
Zach (co-founder of Basepaint) and I decided that for the first of hopefully many collabs together, we would airdrop piece #230 to the first 25 Terminally Onchain subscribers!
That piece was called "Superchain" which seemed perfect since Terminally Onchain is a "ClassPass for OP Stack".
I used an awesome tool called gaslite to airdrop the 25 pieces to the right people. It was so simple, just add the ERC-1155 contract, token ID, and a list of wallets.
Future of Onchain Shopping
Spotlight: @colinm
- Warpshop twitter
- Set up your own shop
- Warpshop Farcaster
Colin and the Warpshop team have been working on a creating new kind of online shopping experience by enabling users to shop in Farcaster frames. These frame stores are powered by the Coinbase Commerce API which enables anyone to pay with crypto.
So far, in just 2 months, there have been over 150 shops created!
The setup process is simple and takes less than 10 minutes, check it out yourself here. It's just 3 steps:
Title, description, and cover photo
Add your products, descriptions, and images
Payment details (you can use Coinbase Commerce or even connect your Shopify!)
Here's an example of one of my favorites by Leo. Earlier this month when EIP-4844 upgrade successfully shipped, Nouns Factory printed out the BasePaint shirt for that day and you could buy it with crypto on Base using Coinbase Commerce.
Isn't that crazy?? Just look at the number of teams that seamlessly collaborated - Nouns, BasePaint, Base, USDC/Circle, and Coinbase Commerce all to celebrate an Ethereum community win :)
Something else that's cool...Colin was telling me that conversion rates for purchases through Warpshop frames are averaging 6-8% which is much higher than the normal social conversion rate of 2-5%.
I'll just caveat that that those frame shop numbers probably have a bit of crypto hype included in them. The Farcaster community is very supportive of each other so I'm curious as Warpshop continues to grow if that conversion rate can stick.
Lastly, HUGE shoutout to the Warpshop team for even getting this sick shoutout from Brian Armstrong 🤯 That's a dream for every crypto founder out there right now so it was so cool to see him cast about the future of onchain shopping and have Warpcast included.
The numbers don't lie
Sid is one of the smartest researchers and data analysts I know in the crypto space.
He previously started a blockchain analytics startup called Token Analyst which was eventually acquired by Coinbase 🎉
And recently, he's been working as a researcher at Coinbase where he's responsible for diving deeper into Coinbase's institutional market calls. It's clear that Coinbase is setting the tone for this bull market (bye FTX) so listening to these episodes gives clear insights as to what the company is thinking and focusing on.
Side note: I'm also a huge fan of the yearly reports the Coinbase research team puts out. I read the one for 2024 in December and it's my favorite in terms of understanding everything that's happening at a high level in the space.
Recently, Sid started a newsletter called Castaway which dives deep into the data of what's happening on Farcaster. He has two pieces on the blog right now and I read both in the first 5 minutes they came out...they're so good!
What I love most about his work are the visuals he creates to help give readers a data driven context on the evolving Farcaster culture.
For example, here's one that showed a week's worth of reactions on Farcaster.
I also remember reading the first post and was shocked to learn about this stat:
Over 37K users have tipped $DEGEN at some point in time and nearly 16% of all casts have had "$DEGEN" in them.
Of course, I'm sure the numbers have changed in the past month (probably even a higher %) but it was wild to see that kind of metric.
His second post covered Farcaster channels and I thought this was a fascinating table. Sid took the top 15 channels and showed which ones had the most overlapping casters.
I never even thought about that kind of angle before so it was cool not only to see the chart but also expand my creativity a bit as well in terms of analyzing the different dynamics of what's happening on Farcaster.
That's all for today's post!
I'll be back in your inbox on Friday with a fresh new deep dive 👀
I hope everyone has a great rest of the week :)
- YB
