PANews reported on May 22 that the Web3 social media platform Farcaster has completed a $150 million financing round, led by Paradigm, with participation from a16z crypto, Haun Ventures, USV, Variant, and Standard Crypto. The new funds will be used to increase daily active users and hire more engineers. Farcaster is a decentralized social media platform based on Optimism, which not only allows users to have better control over their data but also enables developers to enhance the platform through mini-applications. According to previous reports, in March of this year, insiders revealed that Farcaster developer Merkle Manufactory was about to complete a financing round led by Paradigm, with a valuation of approximately $1 billion. Farcaster had previously completed a $30 million financing round in July 2022, led by a16z.