Farcaster is starting to look for a new home. The core narrative of the last wave of Web3 Social is entering a re-pricing phase. Over the past few years, the market has told many stories about Web3 social: decentralized identity, on-chain social graphs, content ownership, creator economy, and platform censorship resistance. These directions aren’t fake needs, but the biggest issue is that real user demand has never outpaced capital and token incentives. The growth of many projects essentially relies on airdrop expectations, points, token incentives, and speculative trading. Once the incentives decrease, DAU, interaction frequency, and retention often drop simultaneously. This highlights a critical issue: Web3 can redefine asset ownership, but it’s hard to redefine social needs solely through "ownership." When users open a social product, it’s primarily for the content, relationship network, and network effects—not because of which chain their data is stored on. The next wave of Web3 social that truly has a chance might not focus on "putting social on-chain" but rather on pushing the chain into the background. Products should be responsible for creating demand, while crypto handles settlement, ownership confirmation, and value distribution.