Farcaster protocol revenue exceeds 1.77 million US dollars, with the total number of users breaking through 500,000

As of June 14, the total revenue of the decentralized social protocol Farcaster has exceeded $1.77 million, currently at $1,775,419 with a total user count reaching 501,473. Yesterday's news reported that Farcaster announced last month a financing round of $150 million led by Paradigm. With its valuation at $1 billion, this is so far the largest investment in Web3 social media. One explanation for such high valuation is the participation of cryptocurrency venture capital firms. Crypto investor Liron Shapira stated that if VCs still have LP capital to invest and they invested $150 million instead of returning it, it means they can charge an additional management fee of $20-30 million for themselves. An anonymous source due to business constraints revealed that like most protocols, Farcaster is expected to launch tokens and investors will be eager to capture its fully diluted value.