After Neynar’s acquisition of Farcaster, co-founder Dan Romero assured the group that the protocol will keep energetic and proceed operating as traditional.
He clarified in a put up on X that Farcaster just isn’t shutting down and that the change marks a brand new stage in its growth.
Farcaster is a decentralized social protocol that lets builders construct related apps. It permits folks to maintain management of their identities and social hyperlinks onchain, reasonably than being restricted to at least one platform.
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Romero shared that utilization stays regular, with round 250,000 month-to-month energetic customers in December and over 100,000 funded wallets.
He defined that Neynar, which has lengthy supplied infrastructure for Farcaster, will now concentrate on making the protocol extra developer-friendly.
Merkle Manufactory, the corporate behind Farcaster, raised $30 million from a16z crypto in 2022 and later secured one other spherical led by Paradigm in 2024. That spherical reportedly valued the corporate at over $1 billion.
In complete, Merkle has raised $180 million, which Romero mentioned might be returned to traders.
He added that this choice adopted 5 years of constructing and cautious use of investor funds. Investor Balaji Srinivasan confirmed the refunds and recommended the group for his or her work on decentralized social expertise.
Below the brand new association, Neynar will take cost of Farcaster’s code, protocol contracts, and the primary app. Romero and several other group members will go away their roles and transfer on to different tasks.
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