Paradigm Leads $150M Funding Round for Farcaster Protocol

The blockchain-based social media startup will use the capital to accelerate the development of its platorm and hire more staff-level engineers founder Dan Romero wrote.
Image source: farcaster.xyz

Quick take: 

  • A16z crypto, Haun, USV, Variant, and Standard Crypto were among the VCs that joined the round.
  • Romero said his company’s goals for the year include growing daily users and adding developer primitives to the protocol.
  • The platform has already reached 350,000 paid sign-ups since going permissionless last October and realised a 50x increase in network activity.

Farcaster, the Ethereum-based social media platform built on the Optimism stack has announced a $150 million funding round led by Paradigm. The fundraising also attracted participation from Andreessen Horowitz’s crypto arm (A16z crypto), Haun Ventures, Union Square Ventures (USV), Variant, and Standard Crypto.

Commenting on the announcement via a blog post, Farcaster founder Dan Romero said the company will use the capital to “support our work on Farcaster for many years to come.”

According to the announcement, the company is also looking to expand its team as it looks to add to its staff-level engineers.

Farcaster leverages smart contract technology to control social interactions within its network. Users can create public social profiles and communities to interact with others, supports both mobile and Web, with in-house built Warpcast available on iOS and Android.

Romero said Farcaster has two main goals to achieve in 2024, including growing daily users and adding developer primitives to the protocol.

Earlier this month, the creators of the blockchain-based publisher platform Mirror sold to rivals Paragraph to concentrate on developing a Web3 social app “Kiosk” on Farcaster.

The company has already reached 350,000 paid sign-ups since going permissionless last October and realised a 50x increase in network activity, Romero wrote in a statement. “There are hundreds of developers building on the protocol and a growing number of apps and frames for people to use,” he added.

Introduced earlier this year, Frames allow apps to run within posts, thus keeping the conversations and activity within the Farcaster protocol.


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