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 that it closed a $150 million fundraise led by Paradigm, with participation from a16z crypto, Haun Ventures, USV, Variant, Standard Crypto and others, according to a blog post by founder Dan Romero. The platform's most popular app, Warpcast, is similar to Twitter, and Farcaster stores user identities onchain while keeping public posts, follows and reactions offchain. Per Warpcast's own data, the platform has about 80,000 daily active users and 350,000 signups, compared with 5.6 million signups for Bluesky and 8.6 million for Mastodon.