tl;dr
NEAR Foundation has announced plans to reduce its team by 40%, impacting 35 employees, as part of its realignment initiative. The layoffs will mainly affect community, business development, and marketing teams, with the engineering team remaining intact. The foundation's treasury remains secure with...
NEAR Foundation Realignment Efforts Impact 35 Employees
The NEAR Foundation has announced plans to reduce its team by 40%, impacting 35 employees, as part of its realignment initiative. Layoffs will mainly focus on community, business development, and marketing teams, with the engineering team remaining intact. The foundation's treasury remains secure with substantial funds. Additionally, the crypto industry has seen significant layoffs in 2023, affecting over 13,400 employees globally, including major firms like OpenSea, Ava Labs, and Polkadot Technologies.
NEAR Protocol Achievements
In 2023, the NEAR Protocol hosted three of ten top Web3 apps, achieved a record number of daily users, and gained more Ethereum community partnerships.
DETAILED OVERVIEW
NEAR Foundation has released an update through a blog post, revealing that the layoffs will mainly affect community, business development, and marketing teams, with the engineering team remaining unscathed. The team plans to contract further as the ecosystem decentralizes and more nodes are available to boost activity in the NEAR Foundation network and ecosystem.
The departing team will be assisted in finding new opportunities in the Web3 industry, NEAR ecosystem, and others. The protocol is proceeding with more efficiency, speed, and focus as it works on advancing chain abstraction, mainstream Open Web adoption, and user-owned AI. NEAR Foundation's treasury remains strong with $285 million in fiat, 305 million NEAR worth over $1 billion, and $70 million in loans and investments.
Crypto-Related Layoffs
The layoffs at NEAR Foundation are not isolated, as other crypto-related firms have been restructuring. Major firms such as OpenSea, Ava Labs, and Polkadot Technologies have downsized their workforce in 2023, reflecting a broader trend within the industry.
For more information on crypto industry layoffs, contributing factors, and the outlook for the industry, visit our website for a detailed report on the latest developments.
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