Funding of $5.75 million for Tapestry in Series A to propel development of its social network protocol on the Solana blockchain.
Tapestry Raises $5.75 Million Series A for Decentralized Web3 Social Network
Tapestry, a Solana-based social graph protocol, has announced a $5.75 million Series A round, co-led by Union Square Ventures and Fabric Ventures. The fundraising brings the total raised by Tapestry to $12.5 million.
The platform, designed as a fully decentralized social layer, integrates Web3 features like wallet providers, EIP-712-compliant signatures, and permissionless API endpoints to connect to decentralized backends. This infrastructure allows developers to build various apps with social features, enabling interoperability and composability of social data across different systems.
In contrast, Ethereum-based Farcaster roots its social network in Ethereum's blockchain. While Farcaster benefits from Ethereum's security and network effects, it is inherently linked to Ethereum's chain scalability, fees, and constraints.
| Aspect | Tapestry | Farcaster (Ethereum-based) | |---------------------------|-----------------------------------------------|------------------------------------------------| | Underlying blockchain | Multi-blockchain / permissionless decentralized backend | Ethereum-specific blockchain | | Decentralization model | Fully decentralized, permissionless APIs | Decentralized but Ethereum-dependent | | Identity management | Wallet providers, EIP-712 signatures | Ethereum cryptographic identity | | API access | Permissionless Web3 APIs connecting various networks | Typically Ethereum smart contract interfaces | | Ecosystem integration | Designed for broad Web3 composability and interoperability | Tied to Ethereum ecosystem and tooling |
Tapestry's use of state compression technology has potential implications for reducing costs for social graph data transactions on blockchains. Compressed NFTs on Solana are unique to Tapestry, and the platform's operations on Solana's Layer 1 make it distinct from Farcaster, which uses hubs or Layer 2 networks.
The latest funding round was structured as a simple agreement for future equity (SAFE) with token warrants. Developers can access the platform for free, with potential charges for higher API usage in the future. A small protocol fee for reading and writing data may be shared with the network in the future. The token valuation of Tapestry after the latest funding round is $70 million, and the equity valuation is $35 million. Members from Union Square Ventures, Fabric Ventures, and Stallan Capital joined Tapestry's board as part of the deal.
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\n\n Further Reading
- Tapestry's Official Website
- Farcaster's Official Website
- Union Square Ventures' Investment in Tapestry
- Fabric Ventures' Investment in Tapestry
- The Series A fundraising secured by Tapestry for its Web3-integrated social network has raised the total funds to $12.5 million, driving further investments in technology.
- Tapestry's decentralized social layer employs state compression technology, potential to decrease costs for NFT transactions, making it a viable option for future investing in finance and the technology sector.
- In the world of expanding news on decentralized social networks, Tapestry, with its innovative approach to Web3, aims to offer a unique, interoperable platform, distinct from Ethereum-based alternatives like Farcaster.
