Farcaster raises $150M led by Paradigm to expand decentralized social network
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Farcaster, a decentralized social media platform built on the Ethereum blockchain and Optimism’s layer-2 ecosystem, has raised $150 million in a funding round led by Paradigm, with participation from notable investors such as a16z, Haun, USV, Variant, and Standard Crypto.
Founder Dan Romero announced the successful fundraising in a recent post, stating that the funds will support the project’s development for many years to come. Farcaster has experienced significant growth since going “permissionless” in October, with over 350,000 paid sign-ups and a 50-fold increase in network activity.
Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May 21, 2024
The platform has also attracted developers to build on the protocol, resulting in a growing number of apps and “frames” for users to explore. Frames in Farcaster are similar to app widgets that could turn static embedded casts (user-generated content) into interactive experiences. Protocol development for Farcaster is being led by Merkle Manufactory, a Los Angeles-based software company.
“We’re doubling down on Farcaster in terms of our vision over the next few years to really grow this to be an internet-scale protocol,” Romero said in an interview.
Farcaster’s decentralized architecture sets it apart from traditional social media platforms, as it prioritizes user ownership of accounts and relationships, allowing for seamless movement between different apps built on the network. By ensuring that users’ data and interactions are not controlled by a single entity, Farcaster promotes privacy and autonomy, addressing growing concerns about centralized social media giants.
In addition to its core social networking features, such as creating profiles, posting “casts,” and following other users, Farcaster’s ecosystem also offers developers the opportunity to integrate the platform for user authentication. This versatility enhances the network’s potential for innovation and adoption across various industries.
The recently completed funding round has raised Farcaster’s valuation to unicorn status at over $1 billion, based on initial projections published by Bloomberg.
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Author: Vince Dioquino
