NEYNAR SEEKS BUYER FOR FARCASTER SEVEN MONTHS AFTER ACQUISITION

Summary from the TLDR Crypto newsletter

Neynar is seeking a new operator for Farcaster, Clanker, and its developer platform seven months after acquiring the assets from Merkle Manufactory in January. Protocol fees collapsed from $35.43 million in Q1 2026 to $376,740 through mid-August, with the trailing 24-hour figure at $4,001, a 99% decline that has halted token buybacks and dropped holder revenue from $3.98 million in Q1 to zero in Q3. Neynar will return its remaining balance sheet and disband its team as it fields buyers, with CLANKER trading at $12.29 against a $12.12 million market cap. The collapse follows Farcaster's December 2025 pivot from consumer social to wallet functionality, a strategic shift that failed to arrest declining user activity after Merkle Manufactory transferred the protocol, citing the need for new leadership.