Decentralized social protocol Farcaster secures $150 million lead investment from Paradigm, valued at $1 billion

Farcaster has reached a valuation of $1 billion in its latest funding round led by crypto venture capital firm Paradigm, with participation from a16z crypto, Haun Ventures, Union Square Ventures, Variant Fund, Standard Crypto, and other institutions.

What is Vitalik's favorite decentralized social protocol? Introduction to Farcaster product experience

Farcaster

According to the update from Dan Romero, co-founder of Farcaster, the decentralized social protocol Farcaster announced on Tuesday that it has raised $150 million in Series A funding at a valuation of $1 billion.

Dan Romero stated that in the coming years, they will double down on realizing Farcaster's vision to truly develop it into an internet-scale protocol. In the remaining time this year, they will focus on two things:

1. Increasing daily active users.

2. Adding developer primitives to the protocol, such as channel and DM functionality.

Varun Srinivasan, another co-founder of Farcaster, mentioned that their team currently consists of 13 people, adding:

Our philosophy has always been to build a very lean, very efficient team from the beginning until now.

35,000 Paying Users for Farcaster, Team Is Frugal Experts

Since becoming a permissionless social protocol in October 2023, Farcaster has reached 350,000 registered paying users. According to Dune Analytics dashboard, on May 20th, Farcaster had nearly 45,000 daily active users, a 30% increase compared to the peak of the Frames hype on February 11th.

Varun Srinivasan pointed out that hundreds of developers are building on Farcaster, and the growth of both users and developers is the driving force behind this round of funding.

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Dan Romero revealed that Farcaster still holds 80% of the initial seed round funding.

He said:

For Varun Srinivasan and me, what really matters is having a long-term mindset. We are very excited about the growth of users and developers, and we will use this fundraising to prepare the company to truly continue to develop over a span of ten years.