Farcaster's creators withdraw as Neynar takes over the struggling crypto social platform

Farcaster Acquired by Neynar: A New Chapter Begins

Farcaster, a decentralized protocol once envisioned as the blockchain alternative to Twitter, has been purchased by Neynar, a key infrastructure provider within its ecosystem. The acquisition was revealed by Farcaster co-founder Dan Romero in a recent announcement.

According to Romero, Neynar will assume control over Farcaster’s smart contracts, codebases, mobile application, and Clanker, the platform’s AI-powered token launchpad. Both Romero and co-founder Varun Srinivasan, along with several members of their Merkle team, will withdraw from daily operations and development.

“This was a difficult choice,” Romero shared. “After five years, it’s evident that Farcaster requires fresh leadership and a new direction to fully realize its vision.”

Farcaster’s mission was to decentralize social media, empowering users with ownership of their data and identities. In 2024, the project secured $150 million in funding from major investors, including Paradigm and Andreessen Horowitz’s crypto division (a16z).

Despite nearly half a decade of development, Romero admitted that Farcaster struggled to achieve lasting growth with its social-centric approach. In December, the team pivoted, shifting focus from social networking to features like in-app wallets and trading in hopes of increasing user engagement.

Neynar, which has long provided APIs and developer tools for the Farcaster ecosystem, has supported the protocol since its inception. The company now intends to introduce a new roadmap centered on empowering builders and developers.