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.
Founder Dan Romero announced in a recent post that it was a successful fundraiser, stating that the funds will support the project's growth for many years. Farcaster has experienced tremendous growth since going “Unauthorized,” with over 350,000 paid subscriptions and a 50-fold increase in network traffic.
We are excited to share news about our latest fundraiser! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May 21, 2024
The platform attracted developers to build on the protocol, resulting in a growing number of applications and “frameworks” for users to explore. Frames in Farcaster are similar to app widgets that turn static embedded footage (user-generated content) into interactive experiences. Development for the Farcaster protocol is being led by Merkle Manufactory, a software company based in Los Angeles.
“We're doubling down on Farcaster with our vision over the next few years to develop this into an Internet standard protocol,” Romero said in an interview.
Farcaster's decentralized architecture prioritizes user accounts and relationships, allowing for seamless movement between different applications built on the network, making it different from traditional social media platforms. By ensuring that users' data and interactions are not controlled by a single entity, Farcaster promotes privacy and autonomy, addressing the concerns of centralized social media giants.
In addition to the core social networking features of creating profiles, posting “casts” and following other users, the Farcaster ecosystem gives developers the opportunity to integrate the platform with user authentication. This versatility enhances the network's potential for innovation and adoption across industries.
The recently completed funding round boosted Farcaster's valuation to unicorn status by more than $1 billion, based on preliminary estimates published by Bloomberg.
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