Farcaster is a blockchain-based social protocol that lets developers build apps atop its network; its most popular client is the social network Warpcast. The platform stores user identities on-chain while keeping posts, follows and reactions off-chain, and minimizes on-chain actions to reduce costs and improve performance. Users currently must “pay rent” — roughly $7 worth of ETH for 5,000 posts — or older casts will be deleted as they make new posts. Warpcast reports about 80,000 daily active users and 350,000 signups. The model emphasizes composability (Frames allow apps to be shared as posts) and topic-specific channels, but the need for crypto wallets and the hybrid architecture could limit mainstream adoption. Farcaster’s user and revenue metrics beyond signups/DAUs are not disclosed in the article.

Total raised

$150M

Funding rounds

1

Latest round

Equity

Latest activity

May 2024