Build it and they will come—or so goes the old saying. In reality, if you build a blockchain-based social media network, then almost no one will come. The crypto world got another reminder of this last week when Farcaster, which raised a $150 Series A round in 2024, abruptly called it quits.
If you’re unfamiliar, Farcaster was co-founded by early Coinbase employee Dan Romero and let users share various content via a Twitter-like timeline. The project had the lofty goal of breaking the data monopolies of platforms like Facebook by offering a decentralized alternative—one where users kept control of their data and identity.
Despite a $1 billion valuation and some influential backers, Farcaster never built a meaningful audience…
