NEAR Foundation Focuses on High-Impact Activities, Cuts Staff
The NEAR Foundation has undergone a realignment process, resulting in a 40% reduction in its workforce. This move is aimed at enabling the foundation to concentrate on a more focused and impactful range of activities. Illia Polosukhin, the CEO of NEAR Foundation, assured the 35 affected employees that he would help them find new opportunities within the Web3 industry.
Achievements in 2023 and Review Process
Despite a successful year in 2023, which included the NEAR protocol hosting three top ten apps in Web3 and witnessing a surge in daily users, Polosukhin stated that further changes were necessary to improve the protocol’s performance. The CEO acknowledged feedback that indicated the foundation had been slow and had taken on too many tasks at once.
No Financial Challenges Faced by NEAR Foundation
Polosukhin emphasized that the staff reduction was not due to any financial difficulties. He highlighted the NEAR Foundation’s well-managed treasury, consisting of over $285 million in fiat, 305 million NEAR coins valued at over $1 billion, and $70 million in investments and loans.
Impact on Workforce
The majority of the affected employees were from the marketing, business development, and community teams. However, the NEAR Protocol engineering team at Pagoda will remain unaffected by the realignment.
Hot Take: NEAR Foundation Prioritizes High-Impact Activities and Streamlines Workforce for Success
The NEAR Foundation’s decision to reduce its staff by 40% is part of a strategic realignment process aimed at focusing on high-impact activities. Despite a successful year in 2023, the foundation recognized the need for improvements and efficient operations. By consolidating its core team and reallocating resources, NEAR Foundation aims to enhance the performance of the NEAR protocol. This move is not indicative of financial challenges, as the foundation possesses a substantial treasury and investments. NEAR Foundation remains committed to supporting the affected employees in finding new opportunities in the Web3 industry.
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