Near Foundation Announces Workforce Reduction
The non-profit organization Near Foundation has revealed plans to cut approximately 40% of its workforce, which amounts to around 35 employees. This decision comes after a recent review process in which the foundation determined that it needed to improve its efficiency and focus on more impactful activities.
According to Illia Polosukhin, co-founder of Near Protocol and CEO of Near Foundation, the job cuts will primarily affect the marketing, business development, and community teams. However, the engineering team and Near contributor Pagoda will continue their operations as usual.
The Near Foundation intends to support the laid-off workers in finding new job opportunities within the Near ecosystem, the Web3 industry, or elsewhere. Polosukhin also emphasized that despite the reductions, the foundation’s treasury remains strong and well-managed with significant assets.
Cuts Despite Strong Performance
The decision to reduce the workforce comes as a surprise considering the recent success of the Near ecosystem. The Near Protocol is currently used by three of the top ten Web3 apps and has experienced a record number of daily users.
In a previous statement, Polosukhin highlighted the substantial growth in usage throughout the year, with over one million daily active users and impressive monthly active accounts, total accounts, and daily transactions.
Hot Take: Near Foundation Prioritizes Efficiency for Future Growth
The Near Foundation’s decision to reduce its workforce by 40% reflects a strategic move towards improving efficiency and focusing on high-impact activities. By consolidating its core team, Near aims to drive further decentralization in its ecosystem while ensuring that it remains well-positioned for growth.
This workforce reduction may be unexpected given the recent success of the Near Protocol, but it demonstrates Near’s commitment to continuous improvement and long-term sustainability. With a strong treasury and ongoing support for the development of the NEAR Protocol, Near Foundation is poised to navigate the evolving landscape of the Web3 industry.
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