Neynar will seek new operating teams for Farcaster, Clanker, and return remaining company funds

Odaily News - Neynar co-founder Rish Mukherji posted on X platform, stating that the team has initiated a process to find new custodial or operating teams for Farcaster, Clanker, and Neynar, and is currently in discussions with several teams that may be suitable for operating decentralized social applications and related developer products.

Rish stated that as circumstances have changed over the past few months, the Neynar team is no longer the right fit to lead the next phase of development for these products. The company will return the funds on its balance sheet, most of which remain intact, while team members will pivot to new directions. He also expressed continued optimism that Farcaster will find a long-term sustainable development model in its next phase.