The web3 social media platform Farcaster team has raised $150 million in funding led by Paradigm. A16z crypto, Haun Ventures, USV, Variant, Standard Crypto, etc. participated in this round.
Farcaster co-founder Dan Romero wrote in Tuesday’s announcement that the increase will “support our work at Farcaster for years to come.” Over the remainder of 2024, the company plans to double the number of daily active users and add developer fundamentals such as channels and direct messaging to the protocol. Farcaster is also hiring staff-level engineers.
“Since going permissionless last October, Farcaster’s paid subscriptions have reached 350,000 and network activity has increased 50-fold,” Romero said in a statement. “Hundreds of developers are building on the protocol, and there is a growing number of apps and frames for people to use.”
Farcaster is an Optimism-based decentralized social media platform that not only gives users more control over their data, but also allows developers to power the platform through mini-applications called “frames.”
The Block previously reported in March of this year that Farcaster was in discussions with venture firms about a new funding round that could value the company at more than $1 billion. July 2022, The team raised $30 million in funding led by a16z crypto, with additional participation from Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, and A Capital.
Farcaster arbitrage support
Also on Tuesday, Farcaster added support for layer 1 blockchain Arbitrum. The move brings the platform’s total supported networks to three, along with Solana and Ethereum.
“From now on, frames can be built with direct Arbitrum transaction support, giving frame builders and users direct access to one of the largest blockchain communities,” the Arbitrum Foundation wrote on social media platform X.
The web3 social platform saw an increase in daily user activity from late March to April, with the number of “reactions” more than doubling from 1.83 million on March 31 to 4.43 million on April 17, similar to the number of likes on web2 social media. . You’ll see Block’s data dashboard.
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