MY BEST GUESS ON THE FARCASTER ACQUISITION MATH - Neynar raised $11m in May 2024. We are going to guess it was at a $75m valuation - The market has been rough to crypto and Farcaster in that time. We are going to assume valuation is 75% of what it was, although that may be optimistic - We are going to assume Neynar issued equity to Merkle to acquire the Farcaster assets. It's unlikely Neynar team would want to give up significant control of their equity. At 15% issuance, Farcaster assets are valued at about $8m