Crypto
Home›Crypto›Altcoins›Neynar starts process to find new team for Farcaster a…
Neynar starts process to find new team for Farcaster and Clanker
Farcaster fees dropped from $35.4 million in Q1 2026 to $376,740 so far in Q3, leaving the protocol without a funded operator.
Neynar has begun looking for a new owner and operator for Farcaster, the token launcher Clanker, and its developer platform, co-founder Rish Mukherji said on Aug. 17.
The company acquired Farcaster seven months earlier from Merkle Manufactory, and the current handoff would be Farcaster’s second ownership change of 2026. Neynar said it plans to return what is left of its balance sheet and that its staff will disperse, leaving the protocol, app, and Clanker reliant on a buyer to keep running.
Farcaster’s economics deteriorated during Neynar’s period of ownership, with protocol fees falling from $35.43 million in the first quarter of 2026 to $4.67 million in the second quarter. DefiLlama data cited in the article shows fees totaled $376,740 between July 1 and Aug. 17, with trailing periods similarly smaller.
The article also notes that CLANKER token buybacks funded by fees have stopped, and CLANKER traded at $12.29, down 3.6% on the day, with a market capitalization of $12.12 million and $52,900 in 24-hour volume across 508,100 holders, per GeckoTerminal. Neynar previously raised $11 million in a May 2024 Series A led by Haun Ventures and Union Square Ventures, with a16z CSX and Coinbase Ventures participating.