Received an investment of 150 million dollars: It took flight!

Degen (DEGEN), created by the Farcaster community, rose 17 percent after the blockchain-based social platform confirmed it had raised $150 million in its latest funding round.

Created by the Farcaster community, Degen (DEGEN) rose 17 percent after the blockchain-based social platform confirmed it had raised $150 million in its latest funding round.

The Series A round was led by venture firm Paradigm, with participation from Andreessen Horowitz, Haun, USV, Variant and Standard Crypto.  Farcaster founder Dan Romero said in a May 21 post that the funds “will support our work on Farcaster for many years to come.”

“Farcaster is a fledgling but rapidly growing protocol,” Jesse Walden, co-founder and general partner of Variant Fund, wrote in a May 21 statement.  Meanwhile, Romero said the increase will help the protocol attract more users. He stated that since October, Farcaster has achieved “350,000 paid registrations and a 50x increase in network activity.”

He added that the platform will focus on increasing daily active users and adding “developer primitives” such as channels and direct messaging to the protocol. DEGEN, created by the Farcaster community and not the official token of the protocol, rose 17 percent on the investment news and is currently trading at $0.023, according to #CoinMarketCap .

In January, Farcaster Degen channel regular Jacek Trociński launched DEGEN as a community memecoin, airdropped as rewards to users who write good content or engage with posts. The token has since taken on a life of its own, paving the way for Trociński to launch a meme coin-focused layer-3 blockchain on Base called the DEGEN chain, which uses #Degen as its native gas token.