Decentralized social network ‘Farcaster’ developer to return entire $180 million in funding
Summary
- Merkle Manufactory said it will return in full the $180 million in venture funding it has raised related to Farcaster to investors.
- Farcaster has been acquired by developer infrastructure company Neynar, which will take charge of protocol maintenance and management, operation of the Clanker service, and the onboarding of some personnel, it said.
- Romero said that as of December, Farcaster recorded 250,000 monthly active users (MAU) and onboarded 100,000 wallets, adding that it is not shutting down and will operate normally.
Merkle Manufactory, the developer of the decentralized social networking (SNS) protocol Farcaster, has decided to return in full about $180 million in venture funding it has raised to investors.
On the 23rd (Korea time), Dan Romero, co-founder of Merkle Manufactory, wrote on X (formerly Twitter) that “Farcaster was recently acquired by Neynar,” adding that it plans to “return the full $180 million raised from investors.”
Romero explained the reason for the acquisition, saying, “We concluded that Farcaster needs a new approach and leadership to fully realize its potential.”
Recently, Farcaster was acquired by developer infrastructure company Neynar. Neynar will take full responsibility for maintaining and managing the Farcaster protocol. Neynar will also oversee Farcaster-related client operations as well as the Clanker service, and some members of the Clanker team will join Neynar. Neynar said, “Many Farcaster-based services are already running on our infrastructure, so this will be a natural integration.”
He also dismissed rumors that Farcaster would shut down. Romero said, “As of December, Farcaster recorded 250,000 monthly active users (MAU) and onboarded 100,000 wallets,” adding, “Farcaster is not shutting down and will continue to operate normally.”
Uk Jin
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