Created by the Farcaster community, Degen, a blockchain-based social platform, managed to increase by 17% after confirming it raised $150 million in its latest funding round. The Series A round was led by venture firm Paradigm, with participation from Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto. Farcaster’s founder Dan Romero announced in a post on May 21 that the funds would support work on Farcaster for many years.
Significant Development for the Degen Network
Former Coinbase executive Romero first hinted at the funding round via Warpcast in March but did not share further details at that time. Bloomberg reported in March that the funding round would raise the valuation of Merkle Manufactory, the company behind the Farcaster social network, to $1 billion.
Variant Fund’s co-founder and general partner Jesse Walden stated on May 21 that Farcaster is a new but rapidly growing protocol. Meanwhile, Romero said the increase would help the protocol attract more users.
The well-known figure stated that since October, Farcaster has achieved 350,000 paid registrations and a 50-fold increase in network activity. He added that the platform would focus on increasing daily active users and adding developer primitives such as channels and direct messaging to the protocol.
Farcaster Front and DEGEN
Created by the Farcaster community and the protocol’s unofficial token, DEGEN, saw a 17% increase in the news and is currently trading at $0.023 according to CoinMarketCap. In January, Farcaster Degen channel regular Jacek Trocinski launched DEGEN as a community memecoin project, distributing it via airdrop events to users who wrote good content or interacted with posts.
Since then, the token has gained its own momentum, leading Trocinski to launch a memecoin-focused Layer-3 blockchain network called DEGEN Chain, using Degen as the native transaction fee token on Base. The memecoin craze on the network has attracted the interest of many investors, and the network has already gained a significant user base.
