According to Fortune magazine, Farcaster announced last month that it had raised $150 million led by Paradigm, with a valuation of $1 billion, becoming the largest investment in Web3 social media to date. The participation of cryptocurrency venture capital firms is one explanation for the high valuation.
One source, who requested anonymity due to business constraints, said he expects Farcaster, like most protocols, to launch a token and investors will be eager to capture its fully diluted value.
