Farcaster announced in late May it raised $150 million led by Paradigm, with participation from other notable crypto venture firms. This followed reports in March that the decentralized social media platform was looking to raise at a $1 billion valuation.

It seemed like a good time for Farcaster to raise money, given that the platform had taken off earlier in the year after the launch of the Frames feature at the end of January. The Frames allowed for interactive experiences to be embedded within posts on the platform, allowing users to play games, watch movies, mint NFTs, or do instant checkout, all without leaving the app.

Farcaster’s functionality is sort of a hybrid of X and Reddit. Users can use their accounts to post text-based content, which can include images if they choose, and …