Farcaster agreement revenue exceeds $1.77 million, total number of users exceeds 500,000

According to Dune data, the total revenue of the decentralized social protocol Farcaster has exceeded $1.77 million, currently at $1,775,419, with a total of 501,473 users.

Yesterday, it was announced that Farcaster raised $150 million last month, led by Paradigm, with a valuation of $1 billion, making it the largest investment in Web3 social media to date. One explanation for the high valuation is that cryptocurrency venture capital firms are involved.

Cryptocurrency investor Liron Shapira said that if venture capital still has LP capital to invest, and they invested $150 million instead of returning it, that means they can charge an additional $20-30 million in management fees for themselves. As with most protocols, it is expected that Farcaster will launch tokens, and investors will be eager to capture its fully diluted value.