Yes, now the hype of the farcaster is not what it used to be, maybe because the event held by the DEGEN project is no longer what it used to be coupled with the price that continues to experience, now in the farcaster there are many people who make game projects and many sell NFTs.
An excess of something always kills the hype and damages the project. If the Farcaster team wants their platform to be in demand, they should limit the number of fake projects and NFTs that anyone can list and sell. According to your statement, Farcaster still has good potential, even if the projects listed there are not giving much profit. That's totally normal because, on a new social media platform, people list their tokens when the hype is new and the craze is strong. Investors and users were eager to test new things, so the rewards were authentic.
Now, there's nothing like that. People are just there to scam others, having learned the system and how to deceive others. It's not that easy, though. By the way, I don't know about the DEGEN project was it a big project on Farcaster,? I don't remember any.