The blockchain-based social platform Farcaster witnessed a surge of 17% in its community-created token, DEGEN, following confirmation of a $150 million funding round.
Led by Paradigm, with participation from other venture firms including Andreessen Horowitz and USV, the Series A round aims to support Farcaster’s long-term development.
Former Coinbase executive and Farcaster founder Dan Romero announced the funding, highlighting its potential to bolster user growth and enhance protocol features.
Since October, Farcaster has seen significant growth, with 350,000 paid sign-ups and a substantial increase in network activity.
DEGEN, initially launched as a community memecoin, has evolved independently, prompting its creator to establish the DEGEN chain on Base, utilizing DEGEN as the native gas token.
May 2024, Cryptoniteuae
