Decentralized social protocol Farcaster will return the full $180 million raised from venture capital investors as it transitions under new ownership, co-founder Dan Romero confirmed. The sale to Neynar, a developer-focused decentralized infrastructure firm backed by Haun Ventures, marks a strategic pivot while ensuring the protocol remains operational.
Romero emphasized that Farcaster is “not shutting down,” noting active user engagement with roughly 250,000 monthly users and over 100,000 funded wallets as of December 2025. Former Coinbase executive and early investor Balaji Srinivasan publicly supported the repayment plan, highlighting the protocol’s functional technology and long-term maturation potential.
Founded in 2020 by Romero and Varun Srinivasan, Merkle Manufactory, Farcaster’s parent company, is backed by leading venture firms, including a16z Crypto and Paradigm. The platform was last valued at $1 billion following a $150 million Series A in 2024, reflecting significant investor confidence in its Web3 infrastructure and community-driven model.
