Paradigm leads $150 million raise for web3 social media platform Farcaster
Summary
For the rest of 2024, the firm is doubling down on growing daily active users and adding developer primitives to the protocol, such as channels and direct messaging. "Since going permissionless last October, Farcaster has seen 350,000 paid sign-ups and a 50x increase in network activity, Romero added in the statement. "There are hundreds of developers building on the protocol and a growing number of apps and frames for people to use.Farcaster is an Optimism-based decentralized social media platform that not only gives users more control over their data but allows developers to augment the platform through mini-applications called "frames. "Starting now, you can build Frames with direct Arbitrum transaction support giving Frame builders and users direct access to one of the biggest blockchain communities," the Arbitrum Foundation wrote on the social media platform X.The web3 social platform saw increased daily user activity starting late March through April, more than doubling its number of "reacts," or akin to likes on web2 social media, from 1.83 million on Mar. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry.