The team behind the web3 social media platform Farcaster raised $150 million in funding led by Paradigm. A16z crypto, Haun Ventures, USV, Variant, Standard Crypto and others participated in the round. 

Farcaster co-founder Dan Romero wrote in a Tuesday's release that the raise will "support our work on Farcaster for many years to come." For the rest of 2024, the firm is doubling down on growing daily active users and adding developer primitives to the protocol, such as channels and direct messaging. In addition, Farcaster is hiring staff-level engineers. 

"Since going permissionless last October, Farcaster has seen 350,000 paid sign-ups and a 50x increase in network activity,” Romero added in the statement. "There are hundreds of developers building on the protocol and a …