FacebookTwitterLinkedInTelegramCopy LinkEmail

Decentralized Social Platform Farcaster Considers Token Launch

Decentralized Social Platform Farcaster Considers Token Launch

Farcaster is a decentralized social media platform similar to X, that is reportedly thinking about launching its own token.

On this network built on Ethereum (ETH) users can create profiles, make posts famously known as “casts,” and also connect with others besides keeping data on-chain while displaying non-fungible tokens (NFTs).

Farcaster, which has only 50k active users per day, recently raised $150 million in funding to push the valuation of the platform to $1 billion making it the largest investment in web3 social media so far. Fortune reports that investors are looking forward for Farcaster’s token launch.

READ MORE: CBDC: Central Banks Ramp Up Digital Currency Exploration

During Farcaster’s series A funding round firms like Paradigm and a16z among others took part.

Co-founder Dan Romero formerly with Coinbase said since turning permissionless last October, the net has grown into 350k paid sign-ups along with a significantly heightened network activity supported by developers who build upon the platform and expand applications for users.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.