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Merkle Manufactory Nears $1 Billion Valuation
Merkle Manufactory, the company behind the decentralized social network Farcaster, is close to achieving a valuation of $1 billion in its latest funding round. Leading the funding is crypto investment firm Paradigm, known for its investments in major cryptocurrency companies.
Company Background
- Founded in 2020 by former Coinbase executives Dan Romero and Varun Srinivasan
- Best known for its flagship social media application called Warpcast
Recent Developments
Farcaster, operating on the decentralized network for social media apps known as Farcaster, has seen a surge in user activity following the introduction of Frames, a feature that allows apps to run within posts without leaving the platform.
User Engagement Growth
Since the introduction of Frames, user engagement on Farcaster has skyrocketed, with daily active users surging from around 5,000 to over 249,000.
Decentralized Social Media Platforms
Decentralized social media platforms like Farcaster offer users ownership over their data, content, and interactions, moving away from centralized control. Key features include censorship resistance and the ability to monetize content without intermediaries.
Challenges and Ambitions
While decentralized social media platforms face challenges in user retention, Farcaster aims to reach a billion daily active users, emphasizing a new and different approach to social media.
Not a Twitter Clone
Founder Dan Romero does not see Farcaster as a competitor to traditional social media giants like Twitter, highlighting the platform’s unique developer paradigm and ambitious goals for growth.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
