Vitalik Buterin-backed decentralized social network Farcaster is on the verge of reaching a unicorn valuation of $1 billion.
Amid growing interest from users, the decentralized social network based on Ethereum has achieved a financing round that values it at about $1 billion and elevates it to unicorn status, according to a Bloomberg report.
This funding round is led by Paradigm, a venture capital firm focused on cryptocurrencies.
According to the Bloomberg report, Paradigm is investing in Merkle Manufactory, the software developer behind the Web3 Farcaster social protocol, which is based in Los Angeles, California (United States).