Decentralized Social Protocol Farcaster Raises $150M in Funding Round Led by Paradigm
Decentralized Social Protocol Farcaster Raises $150M in Funding Round Led by Paradigm
Decentralized social media protocol Farcaster has raised $150 million in a funding spherical led by Paradigm with participation from venture capital fund 16z crypto, Haun, USV, Variant, Same earlier Crypto and extra.
Farcaster launched by historical Coinbase alumni, Dan Romero and Varun Srinivasan, has emerged as a illustrious participant among a total lot of burgeoning Twitter that you may perhaps imagine choices, every on-chain and off-chain.
In March, Farcaster used to be on the verge of reaching a valuation of $1 billion in its latest funding spherical. Reduction then Paradigm had now now not formally confirmed its participation within the funding spherical.
In a blog post, Romero shared that since going permissionless remaining October, Farcaster has viewed 350,000 paid signal-u.s.a.and a 50 times broaden in network impart.
Angry to portion the information about our latest fundraise! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May perhaps perhaps 21, 2024
Farcaster Plans in 2024
Farcaster has sizable ambitions for the year forward. Romero stated there are heaps of of builders constructing on the protocol and a growing selection of apps and frames for folks to spend.
The protocol will be smitten by two issues for the the leisure of the year: Rising day-to-day active users and including developer primitives to the protocol handle channels and explain messaging.
In a separate announcement, Farcaster built-within the blockchain neighborhood Arbitrum, a layer 2 technology suite designed to scale Ethereum.
We're contented to narrate @farcaster_xyz simply built-in its greatest blockchain neighborhood but; Arbitrum!
To have an even time this integration, we’re data superhighway hosting:
🟪Body It.🟪
A buildathon for builders to slay Frames on Arbitrum, with $500k USD in retroactive rewards. 👇 pic.twitter.com/vYxDPWFn2p
— Arbitrum (💙,🧡) (@arbitrum) May perhaps perhaps 21, 2024
Arbitrum’s stated to have an even time its integration on the decentralized centralized social protocol, the agency is data superhighway hosting a “Body It: A Buildathon” and event for builders to slay Frames, with $500,000 in retroactive rewards.
This may perhaps enable users to plan Frames with explain Arbitrum transaction toughen giving Body builders and users explain procure admission to Arbitrum.
Farcaster’s Developer-First Ethos
This year Farcaster launched Frames, a characteristic that enables users to play games, mint non-fungible tokens (NFTs), and compose purchases within the social media feed. Farcaster has skilled a fundamental surge in individual impart since January, following the introduction of Frames.
Frames enable builders to embed interactive experiences within Farcaster posts, identified as Casts. This thought fast gained traction, due to the the platform’s fame among blockchain builders. Jesse Pollak, creator of Coinbase’s Ethereum layer-2 network Atrocious, echoed Romero’s sentiments.
The huge majority of Frames on the decentralized social protocol had been developed on Atrocious, sharing a identical developer-first ethos.
Records from Dune Analytics presentations the selection of day-to-day active users on the Farcaster network surged from spherical 5,000 on January 28 to over 249,000 on March 30.
Source : cryptonews.com
