Farcaster changes hands for the second time this year
- Network School has acquired Farcaster from Neynar for an undisclosed amount. Neynar bought the platform—and Clanker—from Merkle Manufactory just this January, and is now selling it again less than ten months later.
- The app will be renamed “Network State Protocol.” Users must choose whether to accept a social smart contract; those who accept will receive an on-chain access NFT. Co-founders Rish and Manan are leaving, while the remaining employees will join Network School along with the protocol. Clanker may be spun off and sold to another buyer.
A change in control of the protocol doesn’t bring in new buyers. Ecosystem tokens like DEGEN depend on daily active users, posting volume, and tipping activity, and these metrics haven’t changed materially across the two ownership changes. In the short term, DEGEN lacks an independent catalyst and will track ETH and OP. Until daily active users recover, every rebound is an opportunity to reduce your position.
For those of you holding , where is your cost basis?
$DEGEN $BTC $ETH
- Network School has acquired Farcaster from Neynar for an undisclosed amount. Neynar bought the platform—and Clanker—from Merkle Manufactory just this January, and is now selling it again less than ten months later.
- The app will be renamed “Network State Protocol.” Users must choose whether to accept a social smart contract; those who accept will receive an on-chain access NFT. Co-founders Rish and Manan are leaving, while the remaining employees will join Network School along with the protocol. Clanker may be spun off and sold to another buyer.
A change in control of the protocol doesn’t bring in new buyers. Ecosystem tokens like DEGEN depend on daily active users, posting volume, and tipping activity, and these metrics haven’t changed materially across the two ownership changes. In the short term, DEGEN lacks an independent catalyst and will track ETH and OP. Until daily active users recover, every rebound is an opportunity to reduce your position.
For those of you holding , where is your cost basis?
$DEGEN $BTC $ETH