{"id":21018,"date":"2024-05-22T11:30:15","date_gmt":"2024-05-22T08:30:15","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21018"},"modified":"2024-05-22T10:40:54","modified_gmt":"2024-05-22T07:40:54","slug":"farcaster-raises-150-million-in-series-a-funding-degen-token-soars-17","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/farcaster-raises-150-million-in-series-a-funding-degen-token-soars-17\/","title":{"rendered":"Farcaster Raises $150 Million in Series A Funding, Degen Token Soars 17%"},"content":{"rendered":"<p><strong>Farcaster<\/strong>, a social media company that is built on the blockchain, has closed its Series A funding round at $150 million. The funding was headed by Paradigm venture, with participation from Andreessen Horowitz, Haun Ventures, USV, Variant, and Standard Crypto. This has sparked a wave in the blockchain space and notably triggered a 17% rise in the community-generated token <strong>Degen (DEGEN).<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/farcaster-raises-150-million-in-series-a-funding-degen-token-soars-17\/#Driving_Growth_and_Development\" title=\"Driving Growth and Development\">Driving Growth and Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/farcaster-raises-150-million-in-series-a-funding-degen-token-soars-17\/#Degen_Tokens_Remarkable_Rise\" title=\"Degen Token&#8217;s Remarkable Rise\">Degen Token&#8217;s Remarkable Rise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/farcaster-raises-150-million-in-series-a-funding-degen-token-soars-17\/#Future_Prospects\" title=\"Future Prospects\">Future Prospects<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Driving_Growth_and_Development\"><\/span>Driving Growth and Development<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Farcaster\u2019s founder, Dan Romero, who previously worked at Coinbase, shared the news on May 21 in a post on X, stating that he was sure that the money would <strong>\u201chelp sustain Farcaster for many years\u201d.<\/strong> Walden, the co-founder and general partner at Variant Fund, said, \u201cFarcaster is a burgeoning protocol that is already rapidly expanding.\u201d<\/p>\n<p>Romero also described the plans of the platform\u2019s further development and its intention to increase the number of users. Since October, <strong>Farcaster <\/strong>has had 350,000 paid users and 50x network usage. The new funds will allow expanding the platform by adding channels and direct messages to boost the number of daily active users and attract developers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Degen_Tokens_Remarkable_Rise\"><\/span>Degen Token&#8217;s Remarkable Rise<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The funding round was also quickly followed by a 17% increase in the price of the<a href=\"https:\/\/coinengineer.net\/blog\/degen-chain-network-outage-a-two-day-halt\/\"> DEGEN token,<\/a> which was trading at <strong>$0.02289,<\/strong> according to CoinMarketCap. Though DEGEN is not an official token of the Farcaster protocol, it is already an essential part of the platform\u2019s social aspect.<\/p>\n<p><strong>DEGEN<\/strong> was launched in January by Jacek Troci\u0144ski, who is a user of a Farcaster Degen channel, as memecoin. It was first distributed directly to users who made valuable submissions or engaged with the posts. Since then, DEGEN has emerged, and that is why Troci\u0144ski created a meme coin-based layer-3 blockchain called the DEGEN chain, where DEGEN acts as the native gas token.<\/p>\n<p>According to Bloomberg in March, the funding round will increase the valuation of Merkle Manufactory, the company behind Farcaster, to $1 billion, which will be a major achievement for the blockchain social network.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Future_Prospects\"><\/span>Future Prospects<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Farcaster\u2019s growth in the blockchain industry can be seen from the successful Series A funding and the increase in the DEGEN token price. Having attracted significant investments and a continually increasing audience, Farcaster is likely to expand its platform and strengthen its position in the sphere of social media.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Farcaster, a social media company that is built on the blockchain, has closed its Series A funding round at $150 million. The funding was headed by Paradigm venture, with participation from Andreessen Horowitz, Haun Ventures, USV, Variant, and Standard Crypto. This has sparked a wave in the blockchain space and notably triggered a 17% rise<\/p>\n","protected":false},"author":6,"featured_media":21020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[6052,6263],"class_list":["post-21018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-degen-token","tag-farcaster"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Farcaster Raises $150 Million in Series A Funding, Degen Token Soars 17%<\/title>\n<meta name=\"description\" content=\"Farcaster, a blockchain-based social media platform, raises $150M in Series A funding led by Paradigm, boosting community token DEGEN by 17%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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