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The decentralized social protocol Farcaster has completed a $150 million Series A financing round with a valuation of $1 billion, led by Paradigm, with participation from a16z crypto, Haun, USV, Variant, Standard Crypto, etc. The project said that sufficient funds enable Farscater to continue to iterate developer primitives such as channels and direct messaging, while continuing to focus on growth and retaining daily active users of the protocol.
According to the Dune Analytics dashboard created by Pixelhack, as of May 20, Farcaster had nearly 45,000 daily active users in the past seven days, an increase of 30% since the peak of the Frames craze on February 11. 3 replies
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