Tapestry Secures $5.75 Million in Series A Funding for the Development of Its Social Network Protocol on Solana
In a significant development for the Web3 social networking landscape, Tapestry, a peer-to-peer social graph protocol, has announced a successful Series A fundraising round of $5.75 million. This round was co-led by Union Square Ventures and Fabric Ventures, with participation from Stellation Capital, Slow Ventures, and Foresight Ventures.
Tapestry and Farcaster, both Web3 social network infrastructures, share a common goal of enabling decentralized social interactions. However, they differ significantly in their design philosophy, technology, and user experience focus.
Underlying Technology and Architecture
Farcaster, built on the Ethereum blockchain, uses an off-chain network for user data storage, focusing on creating a "social layer" on top of Web3 infrastructure. Tapestry, on the other hand, is a decentralized, peer-to-peer social graph that leverages distributed hash tables (DHTs) and peer-to-peer protocols, offering a more resilient, censorship-resistant social network.
Identity & Authentication Model
Farcaster uses Ethereum accounts as digital identities, while Tapestry employs more generalized or abstracted cryptographic identity mechanisms, focusing on decentralized peer-to-peer identity validation.
Data Storage & Control
Farcaster stores data off-chain in a federated network, while Tapestry emphasizes peer-to-peer, user-controlled storage, allowing users greater control over their data.
Moderation & Governance
Farcaster incorporates social graph-based moderation and community governance mechanisms, while Tapestry emphasizes decentralized moderation, with community-driven or user-controlled filtering and curation.
User Experience and Ecosystem
Farcaster provides a polished user interface with integrations to existing Ethereum wallets, targeting users familiar with Ethereum and crypto culture. Tapestry, on the other hand, is more experimental, with a stronger emphasis on privacy, data sovereignty, and truly decentralized interactions.
Following the fundraising, members from Union Square Ventures, Fabric Ventures, and Stallan Capital have joined Tapestry's board. The token valuation of Tapestry after this round is $70 million, bringing the total raised to $12.5 million, following a $4 million seed round and an undisclosed $2 million extension.
Tapestry operates on Solana's Layer 1, unlike Farcaster and Lens which use hubs or Layer 2 networks. The platform uses state compression technology to mint NFTs and for social graph data transactions, making costs minimal. Developers can access the platform for free, with potential charges for higher API usage.
The latest funding round was structured as a simple agreement for future equity (SAFE) with token warrants. The platform's first app, Primitives, used state compression technology to mint compressed NFTs. In the future, a small protocol fee for reading and writing data may be shared with the network.
The news was reported by The Block. This funding round marks an exciting step forward for Tapestry, as it continues to develop a decentralized social network infrastructure that empowers users and developers alike.
- The successful Series A funding round of $5.75 million for Tapestry, a decentralized, peer-to-peer social graph protocol, was led by Web3 venture firms Union Square Ventures and Fabric Ventures.
- In terms of underlying technology, Tapestry, unlike Farcaster and Lens, operates on Solana's Layer 1, utilizing state compression technology for minting NFTs and social graph data transactions, providing a cost-efficient platform for developers.
- The latest funding round, reported by The Block, marks an exciting step forward for Tapestry, as it continues to develop a decentralized social network infrastructure based on Web3 technology, focusing on privacy, data sovereignty, and truly decentralized interactions.
