The Solana ecosystem social graph protocol Tapestry has completed a $5.75 million Series A funding round, co-led by USV and Fabric Ventures

ChainCatcher news, according to The Block, the Solana-based social graph protocol Tapestry has announced the completion of a $5.75 million Series A funding round, co-led by Union Square Ventures and Fabric Ventures. This round of financing adopts an equity plus token warrant structure, with an equity valuation of $35 million and a token network valuation of $70 million.

Tapestry currently has 13 employees and has raised a total of $12.5 million. The protocol utilizes Solana's state compression technology to build a social graph at the Layer 1 level, unlike Layer 2-based Farcaster and Lens. The project adopts a freemium business model and plans to expand to ecosystems such as Aptos, Monad, and Berachain in the future.