Neynar Seeks New Owner for Farcaster After 7 Months

This is a striking reversal for infrastructure economics in a consumer-social protocol: a buyer exiting within months, returning capital and dissolving the team, signals that the fee base it acquired did not support the operation. The collapse in protocol fees from the first quarter to the third is the core fact, and it affects whoever inherits Farcaster's infrastructure obligations — developers and users dependent on that stack, plus any party weighing the acquisition. Whether a new owner emerges, and on what terms given the returned balance sheet, is the open question.