Neynar is looking to hand off the Farcaster social protocol, its Clanker token-launch platform and its developer tools, less than seven months after acquiring them from Merkle Manufactory.

Co-founder Rish Mukherji said the search is on for a new team to run all three. It follows a steep revenue slide: Farcaster's gross protocol revenue fell from $35.43 million in the first quarter of 2026 to roughly $377,000 between July 1 and August 17, as the token-launch frenzy that drove Clanker's fees cooled off.

The Haun-backed Neynar took over in January, when Farcaster's founders moved to return the full $180 million they had raised from backers like a16z Crypto and Paradigm. Now one of crypto's best-known decentralized social projects is up for grabs again.

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