Farcaster, the decentralized social network, remains functional following its takeover by Neynar, which is set to refund $180 million to investors.

Farcaster’s Future
Co-founder Dan Romero sought to alleviate any fears concerning the project post-acquisition, emphasizing that the platform will not shut down and continues to be well-utilized with 250,000 active users monthly and over 100,000 funded wallets.

In a community update, Romero affirmed Neynar’s commitment to direct the project to better meet developer needs. Neynar, a company that specializes in infrastructure for Farcaster, aims to refine the development of the platform.

Source: Dan Romero

The $180 million return follows Merkle Manufactory’s notable fundraising efforts, which included $30 million secured from a16z crypto in July 2022 and a later round led by Paradigm that increased its valuation past $1 billion. Romero stated that after five years of endeavors, Merkle will return all raised funds, committing to responsible management of investor resources.

Investor Balaji Srinivasan expressed his approval of the funds’ return, commending the team’s dedication to decentralized social infrastructure.

The article also covers decentralized leadership changes in similar platforms, highlighting Lens Protocol’s transition of stewardship to Mask Network, allowing Aave to refocus on finance while providing technical support for Lens.

Vitalik Buterin, co-founder of Ethereum, has advocated for the adoption of open social media and better communication tools, emphasizing the need for a shift from centralized platforms to enhance societal interaction.

“If we want a better society, we need better mass communication tools,” said Buterin.