Farcaster agreement revenue exceeds $1.77 million, total number of users exceeds 500,000

Dune data shows that as of June 14, the total revenue of the decentralized social protocol Farcaster exceeded $1.77 million, currently $1,775,419, and the total number of users reached 501,473. Yesterday, Farcaster announced last month that it had raised $150 million, led by Paradigm. With its $1 billion valuation, this is the largest investment in Web3 social media to date. One explanation for why the valuation is so high is that cryptocurrency venture capital institutions are involved. Crypto investor Liron Shapira said that if venture capital still had LP capital to invest, they invested $150 million instead of returning it, which means they could charge themselves an additional $20-30 million in management fees. A source who requested anonymity due to business constraints revealed that, like most protocols, Farcaster is expected to launch tokens, and investors will be eager to capture its fully diluted value.