- Mirror, an Ethereum-based decentralized blogging protocol, is merging with Paragraph, a tokenized publishing and newsletter platform.
- The merged entity will exist on Farcaster, a decentralized social media protocol, and will be led by Paragraph’s founder, Colin Armstrong.
- Mirror’s founder, Denis Nazarov, plans to launch a new entity called Kiosk, a platform for discovering, collecting, and trading crypto assets and NFTs.
Mirror and Paragraph merge to create a new entity on Farcaster, while Mirror’s founder launches Kiosk, a platform for crypto assets and NFTs.
Mirror and Paragraph Merge on Farcaster
Mirror, the Ethereum-based decentralized blogging protocol, announced its merger with Paragraph, the tokenized publishing and newsletter platform. The combined entity will operate on Farcaster, the decentralized social media protocol that Paragraph has been built upon for years. The company will be led by Paragraph’s founder, Colin Armstrong, and supported by a new $5 million fundraising round led by Union Square Ventures and Coinbase Ventures.
Launch of Kiosk by Mirror’s Founder
Meanwhile, Mirror’s founder Denis Nazarov plans to take the Mirror team and launch a new entity called Kiosk. Built on Farcaster, Kiosk will allow users of the crypto-backed social media ecosystem to discover, collect, and trade crypto assets and NFTs within a social media feed. It will also allow users to observe the crypto and NFT-related habits of fellow users. Kiosk has raised $10 million in a funding round led by Electric Capital with support from Andreessen Horowitz, Union Square, and Variant.
Farcaster’s Growing Popularity
Started in 2020 by two Coinbase alumni, Farcaster remained a fairly obscure decentralized social media alternative until late January, when the protocol’s novel Frames feature exploded in popularity. Frames allow users of apps on the Farcaster network to perform numerous functions within social media feeds—like playing games, making online purchases, and minting NFTs—without having to exit the app for a third party. Following the launch of Frames, the number of daily active users on Farcaster surged tenfold, to about 40,000 daily users.
Conclusion
The merger of Mirror and Paragraph and the launch of Kiosk signify a shift in the decentralized social media landscape, with Farcaster emerging as a key player. Despite being a relatively new platform, Farcaster’s innovative features and growing user base suggest it has the potential to become a major hub for decentralized social media and crypto-related activities.
