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

San Francisco, CA – Neynar, the leading developer platform operating on the Farcaster protocol and backed by Haun Ventures, announced today its definitive agreement to acquire the core assets and intellectual property of Farcaster, the decentralized social network. The move follows a significant strategic pivot by Farcaster’s founders, Dan Romero and Varun Srinivasan, who recently repositioned the project as generalized crypto wallet infrastructure.

While terms of the deal were not disclosed, industry analysts estimate the acquisition price was primarily motivated by Farcaster’s robust, verified user identifier (FID) base and its established decentralized graph architecture. Neynar’s CEO, [Placeholder Name], stated the acquisition was necessary to safeguard the future of the decentralized social layer.

“Farcaster’s primary value proposition has always been its potential as the internet’s open social graph. While we respect the founders’ exploration into high-speed financial tooling, the community needs stability and continued focus on social scalability,” the CEO commented in a press release. “This acquisition allows Neynar to merge the protocol’s core development efforts directly with our infrastructure tooling, ensuring seamless integration and accelerating feature releases like improved Frames standards and enhanced spam mitigation.”

Farcaster’s controversial pivot, which began three months ago, saw the founders shift resources away from social application development towards creating high-throughput transaction signing services tailored for financial institutions. Sources close to the former Farcaster team suggested the move was driven by the perceived difficulty in monetizing decentralized social interaction at scale.

Haun Ventures, a major backer of Neynar, expressed strong support for the consolidation. A spokesperson noted that stabilizing the Farcaster protocol under a dedicated infrastructure provider like Neynar would be critical for encouraging broader institutional and consumer adoption of Web3 social technologies.

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