With investment from Paradigm, a16z and others, the decentralized social network Farcaster completed US$150 million in financing! Degen rose more than 17%

This site (120bTC.coM): The SocialFi track that has risen strongly this year has attracted much attention than the decentralized social protocol Farcaster, which is strongly promoted by Vitalik. Its daily activity The number of users has increased significantly by 28 times since this year, with the total number of users exceeding 380,000, and the number of tweets has also increased by 180 times.

The left picture shows Farcaster DAU, the right picture shows Farcaster in-app interaction volume

Farcaster raised US$150 million, led by Paradigm

Acceleration Against the backdrop of growth, Dan Romero, co-founder of Farcaster, announced early this morning that he had received $150 million in Series A financing led by Paradigm at a valuation of $1 billion. Participating institutions include a16z crypto, Haun, USV, Variant and Standard Crypto and other institutions. This is a major development for Farcaster after completing a US$30 million seed round of financing in mid-2022.

Romero said that he will focus on two main goals for the rest of this year. The first is to increase the number of daily active users, and the second is to add basic components for developers to the protocol. This includes channels and direct Message (direct messaging) and other functions.

What is Farcaster?

Farcaster is a decentralized social protocol that provides an open and composable community layer for developers, creators and users. Developers can build clients based on this protocol. The most mainstream one currently is Warpcast, and recently the original Mirror team has also turned to developing the Farcaster client Kiosk.

Farcaster adopts an on-chain + off-chain hybrid architecture, in which:

• The on-chain part: is mainly responsible for processing key operations related to identity verification. This includes user identity registration, key management, as well as user data storage space allocation and cost management. These activities are executed on Optimism using smart contracts. Therefore, users who register for the Farcaster client need to pay about $5 per year, which is equivalent to buying a space on the Farcaster chain to store their own data.

• The off-chain part: mainly involves the processing of user-generated content, such as messages (Casts) posted by users. These messages are received, stored and verified on a server node called Hub. These Hubs not only store data, but are also responsible for synchronizing and disseminating verified information within the network to ensure data consistency and broad accessibility.

In summary, the storage, dissemination, verification, etc. of user social data (such as Casts) are processed off-chain, while the user's identity and key are stored on the chain. This architecture aims to use the security of blockchain to manage critical information, while using traditional servers to process and store large amounts of social interaction data to improve efficiency and reduce costs.

In addition, the token $Degen launched by the Degen channel, which is the most active in Warpcast, has become the iconic token of the ecosystem (Farcaster has not yet issued its own token). $Degen can not only be used to reward content creators in the community, but can also be used to mint NFTs on platforms such as Zora and Highlight. In addition, $Degen is also used as a transaction token in various applications and games, such as Drakula, an on-chain short video application similar to TikTok, and Bracket games.

$Degen rose by more than 17%

Therefore, the news of Farcaster’s financing inspired $Degen to rise. CoinGecko data shows that after the news was released, $Degen first rushed from US$0.019 to US$0.022, rising more than 15% within two hours, and continued to rise this afternoon, now trading at US$0.0233, soaring 17.2% in the past 24 hours.

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