Neynar acquires decentralized social protocol Farcaster, founding team shifts focus to wallet application

Jinse Finance reported that decentralized social infrastructure company Neynar has announced the acquisition of the Ethereum social protocol Farcaster from the development company Merkle Manufactory. Farcaster founder Dan Romero stated that the protocol contracts, code repositories, official applications, and the AI token issuance platform Clanker will be transferred to Neynar in the coming weeks, with Neynar taking over subsequent operations and maintenance. In recent months, Romero and co-founder Varun Srinivasan have gradually withdrawn from the operation of the Farcaster social protocol and shifted their focus to developing wallet applications based on Farcaster. Farcaster completed a $150 million Series A funding round in 2024, reaching a valuation of $1 billion, but its revenue in Q4 2025 dropped by 85% year-on-year to $1.84 million.