Farcaster’s Not Dead, Old Chap! Romero Sets the Record Straighter Than a Butler’s Spine

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Well, I say, what ho! It appears we’ve got a spot of bother with the rumour mill churning out tales of Farcaster’s demise, but fear not, dear reader, for co-founder Dan Romero has stepped in with all the aplomb of a seasoned Jeeves to set the record straighter than a butler’s spine. On the 22nd of January, no less, he declared with the utmost conviction that the decentralized social protocol is very much alive and kicking, despite the naysayers who’d have you believe otherwise following its acquisition by Neynar earlier in the week.

And what’s more, old bean, Merkle, the parent entity of this digital darling, plans to return the full $180 million it raised to its investors. Dash it all, that’s what I call playing the game with a straight bat! Romero’s comments came after a bit of a dust-up on X, where the critics were out in force, framing the Neynar deal as a quiet wind-down, while the supporters rallied round, insisting it was all above board and as orderly as a P.G. Wodehouse plot.

What’s What from Farcaster’s Top Brass and Their Chums

Romero, ever the chap with his finger on the pulse, revealed that Farcaster notched up a tidy 250,000 monthly active users last December, not to mention over 100,000 funded wallets. “Works and will continue to work,” he declared, with the confidence of a man who’s just won a bet on the ponies. Neynar, those venture-backed chaps who’ve been building the core infrastructure since the early days, are set to steer the ship in a more developer-focused direction. Jolly good show, what?

The acquisition, announced by Romero on the 21st of January, will see ownership of the protocol contracts, code repositories, the Farcaster app, and Clanker handed over to Neynar in the coming weeks. This follows a bit of a strategic pivot in December 2025, when Farcaster decided to ditch its social graph in favour of a wallet-driven growth model, making in-app wallet functionality the bee’s knees of its offerings.

On the subject of investor returns, Romero assured everyone that Merkle would be giving back the full $180 million raised over five years, describing the move as part of an effort to be as responsible with capital as a fellow who always remembers to tip his hat. He also addressed some rather personal criticism, stating quite firmly that he purchased his house with proceeds from Coinbase’s IPO, not a penny of Farcaster funds. By Jove, that’s what I call keeping one’s nose clean!

Several investors were quick to back up Romero’s account. Antonio García Martínez, an early user and investor in both Farcaster and Neynar, dismissed shutdown claims as “complete bullshit” and stood firm on Farcaster’s original mission to build a permissionless social network where users control their data. Balaji Srinivasan chimed in, confirming that the money was indeed being returned to investors, and added that Romero was already as financially independent as a chap with a private income before founding Farcaster.

The Naysayers Have Their Say, Naturally

Not everyone was convinced, of course. Some chaps questioned how a company that raised $150 million in a 2024 round led by Paradigm could sell to a firm that raised rather less. Builder LogicCrafterDz, a fellow with a penchant for pointing out the obvious, argued that Farcaster’s troubles stemmed from leadership and limited community input, insisting that Neynar’s takeover would only work if governance and incentives became more open. Dash it all, he’s got a point there.

More scathing criticism came from accounts accusing Romero of cashing out while growth stalled. Linda Xie, an early Coinbase colleague and Farcaster investor, rejected these claims as containing “many inaccuracies” and declared she’d work with Romero again. Other developers and users pointed to the difficulty of building social networks at scale, citing the struggles of platforms like Threads and Mastodon. It’s enough to make one long for the simplicity of a good old-fashioned club.

For now, the debate reflects a split crypto audience. Some see the handover and investor refunds as a rare, orderly outcome, while others view it as a costly experiment that fell short of expectations. Rather like a cricket match where one side applauds the sportsmanship and the other grumbles about the rain delay. Such is life, old sport.

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2026-01-24 01:45