Community-created Farcaster token, DEGEN, witnessed a 17% surge after the blockchain-based social platform Farcaster successfully completed its latest funding round.
Community-created Farcaster token, DEGEN, witnessed a 17% surge after the blockchain-based social platform Farcaster successfully completed its latest funding round, raising a substantial $150 million. Led by venture firm Paradigm, the Series A round saw participation from prominent investors including Andreessen Horowitz, Haun, USV, Variant, and Standard Crypto. Following the announcement, DEGEN is currently trading at $0.0216, gaining 8.13% over the past 24 hours, according to CoinMarketCap data.
Dan Romero, founder of Farcaster and a former executive at Coinbase, had initially hinted at the funding round on the Warpcast platform back in March, but details had remained undisclosed until now. Bloomberg had previously reported that the funding would elevate the valuation of Merkle Manufactory, the company behind Farcaster, to $1 billion.
Since October, Farcaster has garnered 350,000 paid sign-ups and witnessed a 50x increase in network activity. The platform's primary focus moving forward will be on expanding daily active users and introducing additional "developer primitives" to the protocol, such as channels and direct messaging, according to Romero.
It's worth noting that DEGEN, the token experiencing the 17% surge, is a community-created token associated with Farcaster and not an official token of the protocol. In January, Jacek Trociński, a frequenter of the Farcaster Degen channel, launched DEGEN as a memecoin for the community. DEGEN tokens were distributed as rewards to users for creating quality content or engaging with posts. The DEGEN chain, a meme coin-focused layer-3 blockchain on Base, was recently launched, utilizing DEGEN as its native gas token.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
