According to Bloomberg, Merkle Manufactory, a decentralized social media network software developer founded by two former members of the crypto investment company Paradigm, is raising a new round of financing. Merkle Manufactory was founded in 2020, and its main products include the Farcaster protocol with blockchain components and Warpcast, a Twitter-like application built on Farcaster. In July 2022, Merkle's last financing was US$30 million, led by a16z Crypto.

In January this year, the Farcaster ecosystem launched a new feature called Frames, which allows developers to showcase the functionality of external applications without letting users leave Warpcast. Developers use the Frames feature to vote, play chess and even mint non-fungible tokens. According to data, the number of daily active users on the Farcaster network surged from less than 10,000 the previous month to more than 50,000 in early February.