Decentralized social protocol Farcaster completes $150 million Series A funding, led by Paradigm

ChainCatcher news, the decentralized social protocol Farcaster has completed a $150 million Series A funding round, with a valuation of $1 billion. Paradigm led the round, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto, and others. The project stated that the ample funding allows Farcaster to continue iterating on developer primitives, such as channels and direct messaging, while also focusing on growth and retaining daily active users of the protocol.

According to the Dune Analytics dashboard created by Pixelhack, as of May 20, Farcaster's 7-day daily active user count is close to 45,000, marking a 30% increase since the peak of the Frames craze on February 11.