[DigitalToday reporter Chi-gyu Hwang] Decentralized social network Farcaster plans to continue operating after being acquired by Neynar and return $180 million in investment funding, Cointelegraph reported on Thursday.
In a statement to the community, Farcaster co-founder Dan Romero (댄 로메로) stressed that the project is not ending and will move in a developer-focused direction with support from Neynar.
Farcaster is a decentralized social network protocol that lets users own their identities and connections on-chain. It recorded 250,000 monthly active users as of last December.
Romero said Neynar will continue to maintain and develop the Farcaster protocol, and that some team members, including himself, are moving to new projects.
Farcaster developer Merkle Manufactory received $30 million in investment from a16z Crypto in July 2022. In March 2022, it was valued at more than $1 billion in a funding round led by Paradigm.
Romero said, "Merkle has continued development for 5 years, and for responsible management of investment funds, we plan to return all $180 million we have received."
Chi-gyu Hwang
delight@d-today.co.kr