Neynar, the developer infrastructure company that has powered much of the Farcaster ecosystem since its early days, is acquiring the decentralized social protocol along with its code repositories, protocol contracts, official app and Clanker token deployment platform, according to co-founder Dan Romero.
What Happened: Infrastructure Acquires Protocol
Romero announced the acquisition on Farcaster, stating that ownership will transfer over the coming weeks. He and co-founder Varun Srinivasan will step back from daily operations to pursue a new project.
Some members of Merkle Manufactory, the company behind Farcaster, will also depart.
Farcaster raised more than $30 million in a 2022 seed round and $150 million in a 2024 Series A at a $1 billion valuation.
Rish and Manan of Neynar will take over leadership. "They will run and maintain everything going forward," Romero wrote.
No immediate changes are planned for the Farcaster client, protocol or Clanker, and wallet features, swap capabilities and subscription pricing will remain intact.
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Why It Matters: Fresh Leadership for Decentralized Social
Industry observers described the deal as a significant development for decentralized social networks. Sid Shekhar called it "infrastructure acquiring the application and protocol layer," a structure he said was unexpected.
Developer Jacek noted that Neynar has served as the de facto backend for much of what developers build on Farcaster.
"This is one of the few teams I trust," he wrote.
Romero acknowledged the difficulty of the decision. "After five years, it's clear Farcaster needs a new approach and leadership to reach its full potential," he said.
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