Farcaster, an open social networking protocol popular among crypto users and developers, is changing hands for the second time this year. Unlike traditional social platforms, Farcaster lets m
Farcaster, an open social networking protocol popular among crypto users and developers, is changing hands for the second time this year.
Unlike traditional social platforms, Farcaster lets multiple apps use the same identities, content and social graph. That means users can move between applications without leaving their followers behind.
Its ecosystem combines Twitter-like posts and follows with crypto payments, wallets and mini-apps.
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The protocol was founded in 2020 by former Coinbase colleagues Dan Romero and Varun Srinivasan. Ethereum co-founder Vitalik Buterin, Ethereum developer Tim Beiko and Base creator Jesse Pollak have all been prominent users over its history.
Its reach remains small compared with mainstream social networks, but substantial by crypto standards. Romero said on Jan. 22 that Farcaster had about 250,000 monthly active users in December 2025 and more than 100,000 funded wallets.
Farcaster also raised $150 million in May 2024 in a round led by Paradigm and joined by a16z crypto, Haun Ventures and Union Square Ventures. At the time, Romero said the network had recorded 350,000 paid sign-ups and a 50-fold increase in activity since becoming permissionless.
However, that backing has not stopped Farcaster from changing owners twice in nine months.
Farcaster announced on Oct. 15 that Network School is acquiring the protocol. It posted, “Breaking News: Network School Acquires Farcaster” alongside a live broadcast.
The announcement did not disclose a purchase price or other terms.
Network School was founded by Balaji Srinivasan, a former Coinbase chief technology officer and Andreessen Horowitz general partner who wrote The Network State.
Balaji Srinivasan is not new to Farcaster.
He is an investor and longtime participant in the network. When Network School launched in 2024, he said “everything we’re doing is built on Farcaster.”
After Farcaster’s previous ownership change in January, he described it as “by far the best open social protocol around”. He also added that he wanted to continue supporting its builders.
On Jan. 21, developer infrastructure company Neynar announced it was acquiring Farcaster from Merkle Manufactory.
“We will now maintain the Farcaster protocol, run the Farcaster clients and operate Clanker,” Neynar said at the time.
The deal covered Farcaster’s protocol contracts, code repositories, consumer app and Clanker token-launching platform. Romero, Srinivasan and some Merkle employees stepped back from day-to-day operations.
The handover followed a strategic retreat from Farcaster’s original social-first model. Romero said in December 2025: “We tried social-first for 4.5 years … It didn’t work for us.” The team instead shifted toward its wallet and trading products.
Romero later said Merkle planned to return the full $180 million it had raised, to investors.
Farcaster is now entering its second new set of hands in 2026. What Network School plans to do with it next has not yet been made public.
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