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Mirror and Paragraph Announce Merger
In a recent announcement, Mirror, the Ethereum-based decentralized blogging protocol, revealed its merger with once-rival Paragraph, a tokenized publishing and newsletter platform. As a result of this merger, the combined entity will be housed on Farcaster, the decentralized social media protocol that has been integral to Paragraph’s operations for years.
Colin Armstrong, the founder of Paragraph, will lead the newly formed entity with backing from a new $5 million fundraising round led by Union Square Ventures and Coinbase Ventures. On the other hand, Mirror’s founder, Denis Nazarov, is set to launch a new venture called Kiosk, also built on Farcaster, aimed at enhancing users’ ability to discover, collect, and trade crypto assets and NFTs within a social media environment.
Funding and Support
Kiosk has successfully raised $10 million in funding, with Electric Capital leading the round and support from top investors like Andreessen Horowitz, Union Square, and Variant. This influx of capital signifies a significant vote of confidence in the vision and potential of the new venture.
Evolution of the Platforms
While Mirror began as a platform for crypto thought leaders to share elaborate ideas in written form, Kiosk is envisioned as a platform that will bring the power of smart contracts to the mobile social experience. Despite the shift in focus, the underlying goal of leveraging blockchain technology for consumer experiences remains consistent across both platforms.
Nazarov expressed his vision for Kiosk, stating, “With Kiosk, our goal is to do that for the mobile social experience.” The transition to a mobile-centric approach aligns with the evolving landscape of social media consumption and engagement.
Success for Farcaster
The recent developments also mark a significant milestone for Farcaster, the underlying protocol that attracted both the combined Mirror/Paragraph entity and Kiosk. Initially launched in 2020 by former Coinbase employees, Farcaster gained prominence with the introduction of its Frames feature in late January. Frames allow users to perform various functions within social media feeds, such as playing games, making purchases, and minting NFTs, without leaving the app.
Following the launch of Frames, Farcaster experienced a surge in daily active users, growing tenfold and reaching approximately 40,000 users. While this user base may be smaller compared to mainstream platforms like Twitter, industry experts believe that Farcaster has reached a critical mass necessary to drive innovation in the decentralized social media space.
Nazarov reflected on the changing dynamics of social media distribution, noting the shift from traditional platforms like Twitter to more integrated ecosystems like Farcaster. The strategic alignment of Mirror, Paragraph, and Kiosk within this vibrant ecosystem signals a new chapter in decentralized social media innovation.
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