Merkle Manufactory, the company behind the decentralised social protocol Farcaster, will repay its $180 million in venture capital. The protocol will be sold to Neynar, an infrastructure firm, which will shift Farcaster in a more developer-focused direction.

Merkle Manufactory, the company behind Farcaster, plans to repay the $180 million it raised from investors as it transitions under new ownership. Farcaster, a decentralized social protocol, has been sold to infrastructure firm Neynar, which intends to shift the project in a more developer-focused direction. Merkle co-founder Dan Romero clarified that Farcaster is not shutting down and will continue to operate. The transition reflects a maturing phase for decentralized social media, with infrastructure-focused teams taking on greater responsibility for operating and scaling protocols.