Farcaster Seeks New Operator Less Than 7 Months After Neynar Deal as Protocol Revenue Plunges
Summary
- Farcaster is seeking a new operating team less than seven months after its acquisition by Neynar.
- Neynar is looking for a new team to take over the Farcaster protocol, Clanker, and the developer platform.
- Farcaster's protocol revenue has plunged from $35.43 million in the first quarter to about $377,000 recently, making a revenue recovery the key issue.
Forecast Trend Report by Period
Farcaster, the decentralized social protocol, is looking for a new operating team less than seven months after its acquisition by Neynar.
Wu Blockchain reported on Aug. 17 that Neynar is seeking a new team to take over the Farcaster protocol, the Clanker token-launch platform and its developer platform.
Neynar had acquired Farcaster from developer Merkle Manufactory. It is now moving to hand off operating control again before seven months have passed since that deal.
Farcaster's protocol revenue has also fallen sharply. Total protocol revenue reached $35.43 million in the first quarter of this year, but came to only about $377,000 from July 1 through Aug. 17.
The focus now is whether Farcaster can revive its sharply diminished protocol revenue as it pursues a second change in operating control in a short span.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.