Farcaster, a blockchain-powered rival of the social media platform X, is rumored to be considering the launch of its own token.
Operating on the Ethereum (ETH) blockchain, Farcaster is a decentralized social network that enables users to create profiles, share posts known as “casts,” and connect with others. Additionally, the platform offers users the option to store their data on-chain and display their non-fungible tokens (NFTs).
Despite having a modest daily user base of 50,000, Farcaster managed to secure $150 million in funding last month, boasting a valuation of $1 billion. This investment marks the largest in the realm of web3 social media thus far.
According to a report by Fortune, investor interest in Farcaster seems to be fueled by the speculation that the crypto project might introduce its own token in the future. An anonymous source revealed to Fortune that investors are eager to seize the potential value of the token, regardless of its liquidity.
Firms like Paradigm, a16z crypto, Haun Ventures, USV, Variant, and Standard Crypto have all contributed to Farcaster’s series A funding round. Co-founder Dan Romero, a former executive at Coinbase, stated that the network’s primary focus for the year is to expand its daily active user base.
Romero highlighted the significant growth Farcaster has experienced since becoming permissionless in October, with 350,000 paid sign-ups and a 50-fold increase in network activity. The platform has attracted numerous developers working on the protocol, along with a variety of applications and tools for users.
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