On June 14, Farcaster announced last month that it had raised $150 million, led by Paradigm. With its valuation of $1 billion, it is the largest investment in Web3 social media to date. One explanation for why the valuation is so high is that cryptocurrency venture capital firms are involved. "If VCs still have LP capital to invest and they" put in $150 million "instead of giving it back, that means they can charge themselves an additional $2000- $30 million in management fees," crypto investor Liron Shapira wrote. A source, who requested anonymity due to business constraints, said that like most protocols, he expects Farcaster to launch the token, and investors will be eager to capture its fully diluted value.