Farcaster Protocol to Continue Operations After Neynar Acquisition

Farcaster Protocol Stays Active Post-Acquisition

Dan Romero, co-founder of Farcaster, addressed concerns regarding the protocol's future following its acquisition by Neynar, an infrastructure provider. He confirmed that Farcaster, a decentralized social networking protocol, will continue to operate, emphasizing its 250,000 active monthly users and over 100,000 funded wallets as of December. The protocol allows developers to create interoperable social apps where users maintain control over their identities and social graphs onchain.

Developer-Centric Shift

Neynar, which has been involved with Farcaster's infrastructure since its inception, will now direct the project with a greater emphasis on developers. The acquisition marks a leadership transition with Romero and several team members stepping away to pursue new opportunities. Neynar will manage the protocol's contracts, code repositories, and consumer app.

Returning $180 Million to Investors

Romero announced that Merkle Manufactory, the developer behind Farcaster, will return the $180 million raised from investors, including funds from a16z crypto and Paradigm. This decision comes after five years of development and aims to responsibly manage investor capital. Balaji Srinivasan, an investor in Farcaster, confirmed this move and praised the team's efforts in decentralized social infrastructure.

Industry-Wide Leadership Shifts

In parallel to Farcaster's transition, Lens Protocol, another decentralized social project, experienced a leadership change as Aave transferred its stewardship to Mask Network. This shift allows Aave to concentrate on decentralized finance while maintaining a technical advisory role with Lens. Ethereum co-founder Vitalik Buterin has advocated for decentralized social media, encouraging the community to engage with open social platforms to enhance online interactions.