As daily activity on Farcaster, the breakout Web3 social media service, rockets higher and higher, its developers are reportedly seeking fresh capital. 

Merkle Manufactory, the Web3 social media firm behind the Farcaster social network and its Warpcast client, is nearing completion of a funding round led by crypto VC Paradigm that would grant the company unicorn status with a valuation of over $1 billion, according to a report in Bloomberg. 

Farcaster, which runs on Ethereum and OP Mainnet as well as Farcaster's off-chain system of peer-to-peer servers called Hubs, has attracted tens of thousands of users, including high-profile figures in the world of crypto. Ethereum founder Vitalik Buterin has been active on the network, calling it "better in many ways" than X. 

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