Kaleem🍖|🎩|🎭
@kaleemmasood
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Farcaster, a crypto-based social network, raised $150M with just 80K daily users
Farcaster, a blockchain-based social protocol founded by two Coinbase alumni, announced on Tuesday that it closed a $150 million fundraise. Led by Paradigm, the platform also raised money from a16z crypto, Haun Ventures, USV, Variant, Standard Crypto and others, according to a blog post by founder Dan Romero.
Farcaster, the social protocol, invites developers to build other apps on top of it; the most popular app is the social network Warpcast, which is similar to Twitter. What does it mean to build a social experience on Ethereum? Farcaster is taking a hybrid approach, storing user identities onchain, while data like public posts, follows, reactions and more are stored offchain. Users have to “pay rent” to Farcaster to store their data — as of now, that’s about $7 worth of ETH for 5,000 posts. If a user doesn’t want to pay, then their older casts (that’s what they call posts) will be deleted as they make new casts. 0 reply
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