Farcaster changed hands. The takes are flying. This isn't one of them. Part I maps the tensions now shaping what comes next—social-first vs builder-first, founder culture vs protocol durability, value creation vs value capture. No verdicts. Just the terrain. Part II is my read: we were measuring the wrong thing. DAU stagnation wasn't failure. It was boundary discovery. The network isn't the product people consume. It's the product that produces products. One document. Two layers. Read the map or