TechFlow reported on January 17 that, according to The Block, Tapestry, a social graph protocol built on Solana, has announced the completion of a $5.75 million Series A funding round co-led by Union Square Ventures and Fabric Ventures. The financing采用了 an equity-plus-token warrant structure, with an equity valuation reaching $35 million and a token network valuation of $70 million.
Tapestry currently has 13 employees and has raised a total of $12.5 million to date. The protocol leverages Solana's state compression technology to build a social graph at the Layer 1 level, differentiating itself from Layer 2-based projects like Farcaster and Lens. It adopts a freemium business model and plans to expand in the future to ecosystems such as Aptos, Monad, and Berachain.
