NEAR Foundation Trims 40% Workforce Amid Staggering Advancements
The NEAR Foundation recently announced a significant reduction in its workforce, aiming to improve efficiency and functionality. This move comes as the organization continues to make strides in the Web3 landscape and seeks to optimize its workflow.
A Closer Look Into The Announcement
The foundation’s statement reveals that the 40% reduction primarily focuses on consolidating the core team and narrowing down activities for higher impact. The layoffs mainly affect team members in marketing, business development, and community domains, while the protocol engineering team remains unaffected.
The NEAR Foundation is committed to assisting affected employees in finding new opportunities within the NEAR ecosystem and the Web3 industry.
Despite the layoffs, the organization still holds a significant treasury, with over $285 million in fiat currency, 305 million NEAR tokens (worth over $1 billion), and $70 million in investments and loans.
NEAR Price Soars
The NEAR price has experienced a substantial surge, with an 11.59% increase in the past 24 hours. It is currently trading at $3.66, accompanied by a weekly jump of 0.87% and a monthly upsurge of 56.73%. The market cap has also risen by 11.19%, reaching $3.67 billion, with a trading volume of $327.09 million.
Hot Take: NEAR Foundation’s Strategic Workforce Reduction
The NEAR Foundation’s decision to trim its workforce by 40% has sparked discussions across the Web3 landscape. While this move aims to enhance efficiency and focus on core activities, it also raises questions about the future direction of the organization. However, with a substantial treasury and the commitment to support affected employees in finding new opportunities, NEAR remains well-positioned within the Web3 industry. The surge in NEAR’s price further highlights the market’s positive response to the foundation’s advancements.
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