Farcaster Pivots from Social Network to Crypto Wallet Focus After 4.5-Year Struggle
Decentralized social media platform Farcaster is abandoning its original vision of becoming a Twitter alternative, conceding defeat after four and a half years of attempting social-first growth. Co-founder Dan Romero announced the platform will now prioritize cryptocurrency wallet features and trading functionality, citing stronger traction in that vertical.
The pivot marks a significant retreat for the $1 billion-valued company founded by former Coinbase executives. Farcaster had raised $180 million across two funding rounds, including a $150 million May 2024 raise led by Paradigm with participation from Andreessen Horowitz and Variant.
Romero's candid admission underscores the challenges of building decentralized social networks in the current crypto landscape. The move follows similar strategic shifts by other Web3 projects struggling to balance decentralization with user adoption.
