Farcaster is Now Officially a UnicornÂ
Introduction
Farcaster, the decentralized social network co-founded by Varun and his partner three years ago, has reached a significant milestone. The platform, designed to empower users and developers through decentralization, has now achieved unicorn status with a new $150 million funding round, raising its valuation to $1 billion.
Farcaster’s Journey to Decentralization
From its inception, Farcaster aimed to create a network where users and developers felt in control. This vision materialized as Farcaster became 100% permissionless, allowing anyone with an internet connection and some ether to join and use the platform independently. This milestone has been crucial in attracting a vibrant community of over 100 contributors and thousands of early users.
Achievements Since Going Permissionless
Since Farcaster went fully permissionless in October, the network has seen impressive growth. The platform has recorded 350,000 paid sign-ups and a 50x increase in network activity. Hundreds of developers are now building on the protocol, introducing innovative apps and frames that enhance user experience and engagement.
Major Funding Round and New Unicorn Status
Today, Farcaster announces a significant $150 million fundraising round led by Paradigm, with participation from a16z crypto, Haun Ventures, USV, Variant, Standard Crypto, and others. This investment boosts Farcaster’s valuation to $1 billion, officially making it a unicorn. The funding will support the development and expansion of Farcaster for many years to come.
Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May 21, 2024
Focus Areas for the Rest of the Year
Farcaster’s primary goals for the remainder of the year include:
- Growing Daily Active Users: Efforts will be made to increase user engagement and daily activity on the platform.
- Adding Developer Primitives: Enhancements such as channels and direct messaging will be added to the protocol to support developer innovation and improve user experience.
Hiring and Expansion
To support its ambitious goals, Farcaster is hiring staff-level engineers. This expansion aims to strengthen the team and accelerate the development of new features and improvements.
Join Farcaster Today
Farcaster invites everyone to join its growing community. Sign up now at farcaster.xyz and be part of the decentralized social network revolution.
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