Merkle Manufactory, the innovative force behind the Farcaster network, is reportedly finalizing a substantial funding round that would value the company at around $1 billion, marking a significant milestone for the Los Angeles-based firm.
Founded in 2020 by former Coinbase executives Dan Romero and Varun Srinivasan, Merkle Manufactory has been making waves in the decentralized social media sphere. Now, with this impending funding injection, the company is on the cusp of achieving unicorn status.
According to Bloomberg, citing sources familiar with the matter, crypto investment giant Paradigm is spearheading the investment charge, underscoring the growing confidence in Merkle Manufactory’s vision and products.
The company’s flagship offerings include the Farcaster protocol, which seamlessly integrates blockchain technology, and Warpcast, a social media app akin to X. Farcaster, in particular, has been gaining significant traction in recent months, positioning itself as a frontrunner in the decentralized social media landscape.
Merkle Manufactory last raised funding in July 2022, securing $30 million in a round led by a16z Crypto. Dan Romero, one of the co-founders, confirmed the ongoing funding round in a post on the Warpcast platform on March 29, albeit without disclosing the precise amount.
In a recent podcast appearance, Romero underscored Farcaster’s commitment to decentralization, emphasizing the platform’s design to thwart any centralized control. He also highlighted the introduction of Frames, a new feature within the Farcaster ecosystem aimed at enhancing interactivity and functionality for users.
The introduction of Frames catalyzed remarkable growth for Farcaster, with daily active users soaring to over 50,000 in early February, indicating the platform’s growing appeal and potential.
The news of Farcaster’s burgeoning valuation has been well-received within its community. According to DappRadar data, in the last 24 hours, the number of unique active addresses engaging with Farcaster surged by 77%, with transactions worth over $24,000 conducted among them.
However, over the past 30 days, there has been a slight downturn, with the number of users interacting with Farcaster dropping by more than 63%. Similarly, transaction volumes witnessed a decline of approximately 60% during this period, signaling a temporary setback amidst the platform’s overall growth trajectory.
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