Farcaster Secures $150M to Expand Decentralized Social Media Ecosystem

New funding aims to grow user base and enhance developer tools for Ethereum-based protocol

Paradigm led the Series A round, with participation from a16z, Haun Ventures, and others.
Farcaster's valuation has reached $1 billion, marking it as a crypto unicorn.
The protocol has seen 350,000 paid sign-ups and a 50-fold increase in network activity since October.
Farcaster plans to introduce new features like channels and direct messaging to attract more users.
The platform leverages Ethereum and Optimism for its decentralized social media network.