Neynar Acquires Farcaster: Founders Step Back as Crypto Social App Gets New Leadership

In a significant shift for the crypto social media landscape, infrastructure provider Neynar has acquired the struggling decentralized social application Farcaster. As part of the acquisition deal, Farcaster's original founders, Dan Romero and Varun Srinivasan, are stepping back from their operational roles. Neynar, a key backend service provider for Farcaster hubs, is now positioned to steer the app's future development and strategy. This move aims to revitalize the Farcaster protocol and its user experience by leveraging Neynar's technical expertise and resources. The acquisition highlights ongoing consolidation and restructuring within the Web3 social networking sector as projects seek sustainable growth models.