Farcaster FAQ
What is Farcaster about?
Farcaster is a decentralized social network built on Optimism. It aims to provide users with control over their identity and data while offering a familiar social media experience.
How much does Farcaster cost?
Farcaster itself is free to use. However, users need to pay for a Farcaster ID and storage, which currently costs around $5 per year.
What blockchain does Farcaster run on?
Farcaster runs on Ethereum and uses Optimism, an Ethereum Layer 2 scaling solution, for improved performance and lower transaction costs. Only port of Farcaster is on the blockchain. The social graph, and social network messages are stored on a sufficiently decentralized storage solution.
Do you have to pay for Farcaster?
While the basic use of Farcaster is free, users need to pay for a Farcaster ID and storage fees, which is an annual fee. This fee helps prevent spam and abuse on the network.
What are the benefits of Farcaster?
Farcaster offers decentralized control, data ownership, censorship resistance, and interoperability with other Web3 applications. It also provides a familiar social media experience with improved privacy and user control.
How does Farcaster make money?
Farcaster itself doesn't directly make money. It's an open protocol that allows developers to build applications on top of it. The ecosystem can generate revenue through various means, such as premium features or services built by third-party developers.
How many Farcaster users are there?
As of mid 2024, Farcaster has over 500,000 registered users. However, this number is constantly growing as the platform gains popularity.
Who is the CEO of Farcaster?
Merkle Manufactory, which originally built the Farcaster protocol and is providing the main consumer client for Farcaster, Warpcast, was co-founded by Dan Romero and Varun Srinivasan. However, as a decentralized protocol, it doesn't have a traditional CEO structure.
What is the valuation of Farcaster?
As an open-source protocol, Farcaster doesn't have a traditional company valuation. Its value is more accurately measured by the size and engagement of its user base and the ecosystem built around it. Merkle Manufactory, which originally built the Farcaster protocol, raised $30 million in a Series A funding round led by Andreessen Horowitz (a16z) in 2022, and $120 million in a Series B funding round led by Paradigm in 2024, with a valuation of $1.2 billion.
What are Farcaster frames?
Farcaster frames are interactive elements that can be embedded in posts. They allow for rich, interactive experiences directly within the Farcaster client, enabling features like polls, mini-games, or other interactive content.
How much did Farcaster raise?
Merkle Manufactory, which built the Farcaster protocol, raised $30 million in a Series A funding round led by Andreessen Horowitz (a16z) in 2022. This funding was used to support the development and growth of the protocol. In 2024, Merkle Manufactory raised $120 million in a Series B funding round led by Paradigm.
Does Farcaster have a token?
Currently, Farcaster does not have its own token. The protocol is designed to function without a native cryptocurrency, focusing instead on decentralized identity and data ownership. There has been repeated speculation about a token, but the Merkle Manufactory has repeatedly stated that they have no plans to launch a token.
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