Farcaster, a decentralised social media platform built on Ethereum (CRYPTO:ETH), has secured an impressive $150 million in its Series A funding round, led by investment firm Paradigm.

Despite having approximately 80,000 users, the funding round values Farcaster at $1 billion, making it the latest crypto unicorn.

Farcaster's rapid growth, fueled by its transition to a permissionless protocol on the Optimism layer-2 network, has attracted attention for its innovative approach to decentralised social media.

The platform, anchored on Ethereum blockchain, emphasises user-controlled data ownership and introduces novel features like "Frames" and support for multiple blockchain solutions.

Farcaster's decentralised model and blockchain architecture have garnered enthusiasm from the web3 community, reflected in the surging price of its unofficial community token, DEGEN (CRYPTO:DEGEN).