I completely agree. I have been and continue to be a long-time critic of Farcaster, Lens, and other similar efforts. The only place where blockchain is useful in this case is in a decentralized naming system such as ENS, or some kind of DID storage.
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I just wouldn't confuse this with it being the fate of all Ethereum projects. This clearly doesn't make sense—but there are many areas where it does make sense, such as lending, decentralized exchanges, decentralized stablecoins, prediction markets, and many other use cases.