Haun-backed Neynar acquires Farcaster after founders pivot to wallet app

Haun Ventures-backed Neynar is acquiring Farcaster, the Ethereum-based decentralized social media protocol, from leading R&D firm Merkle Manufactory, according to an announcement on Wednesday.

“Over the next few weeks, we’ll transfer ownership of the protocol contracts and code repositories, the Farcaster app, and Clanker to Neynar,” Dan Romero, founder of Farcaster and co-developer of the Warpcast client, said in a Farcaster post. “They will run and maintain everything going forward.”

Neynar is a startup focused on decentralized social media infrastructure. The firm has had a longstanding association with Farcaster, which could be called the most successful blockchain-based social media experiment to date.

Over the past several months, Romero and his Farcaster co-founder Varun Srinivasan have been stepping back from the protocol. In December, they announced they were shifting focus to building a Farcaster-based wallet app.

“We tried social-first for 4.5 years … It didn’t work for us,” Romero said at the time. “Wallet has been growing so we’re doubling down on that direction. That means new features and product positioning will be wallet-focused.”

Merkle Manufactory was founded by Romero and Srinivasan, two former Coinbase executives, in 2020. The firm is backed by leading VCs like a16z Crypto and Paradigm.

Neynar will “now maintain the Farcaster protocol, run the Farcaster clients and operate Clanker,” referring to the Base-based AI-powered token launchpad acquired by Farcaster late last year.

“We think they are the right people to take over leadership of Farcaster and they’ll share their new builder-focused vision soon,” Romero said on Wednesday. “This wasn’t an easy decision. Farcaster and the people building on it mean a lot to us. We’re proud of what our team built, and what the community built alongside us. But after five years, it’s clear Farcaster needs a new approach and leadership to reach its full potential.”

The Block reached out to Romero for comment.

Farcaster was last valued at $1 billion, following a $150 million Series A in 2024, one of that year’s largest raises. The protocol generated reported total earnings of $1.84 million in the fourth quarter of 2025, down 85% year-over-year.

The move comes a day after Lens, an alternative social media protocol created by Aave founder Stani Kulechov, shifted ownership to Mask Network. On Wednesday, Ethereum founder Vitalik Buterin pledged to fully return to decentralized social channels, to support the floundering ecosystem.

This is a developing story and may be updated.