Source item
Open original source ↗As a Farcaster investor, can confirm: money is coming back to investors.
Dan and the team built something genuinely amazing, perhaps the best decentralized social protocol. He's independently wealthy from Coinbase, and could have done whatever he wanted, but he decided to spend many years grinding on Internet freedom and decentralization.
For that I salute him.
Also, protocols sometimes take a bit longer to cook than the lifespan of companies. The handover to Neynar (one of the first Farcaster indexers) may help make Farcaster a truly decentralized social protocol.
The tech is real, and it works. It just needs a killer app. Still worth iterating on, with people who'll run the next leg of the relay race. My congratulations to Dan, Varun, and the team for running that first critical leg so well for 5+ years.
See also: https://t.co/NmKS8NrVeG
2 segments
Segment 1 · characters 0–365 · Original segment ↗
Segment 2 · characters 367–856 · Original segment ↗
Quoted context
These are the quoted author’s words.
Given some rumors, wanted to post a few clarifications: Farcaster is not shutting down. The protocol works and will continue to work. There were 250,000 MAU in December and over 100,000 funded wallets. The acquirer, Neynar, is a venture-backed startup and plans to shift Farcaster in a more developer-focused direction. As for Merkle, we’re planning to return the full $180M raised back to investors. Over the last 5 years, we tried to be a good steward of investor capital. Finally, I bought my house with Coinbase IPO proceeds.
dwr ↗