The Near Foundation Announces Team Reductions
The Near Foundation, the organization supporting the Near ecosystem, will reduce its team by approximately 40%. This decision will impact 35 employees, primarily in marketing, business development, and community teams. The engineering team at Near contributor Pagoda will not be affected. The Near Foundation will assist affected staff in finding new opportunities within the Near ecosystem or the broader crypto industry. The team reduction is a result of a recent review that highlighted the need to consolidate and focus on more impactful activities.
Near Foundation Treasury Remains Strong
Despite the team reductions, the Near Foundation treasury remains strong and well-managed. It includes $285 million in cash, 305 million Near tokens ($1.1 billion), and $70 million in investments and loans. The foundation is well-positioned to support the growth, development, and decentralization of the Near Protocol and ecosystem.
Growth of the Near Ecosystem
The Near ecosystem has experienced significant growth, with top apps in web3 and a record number of daily users. DappRadar’s top ten apps in web3 include four built on the Near Protocol. Daily active users often exceed one million per day, with 7 million monthly active accounts and 35 million total accounts overall. Daily average transactions on Near have increased approximately 15 times throughout 2023.
Decentralization Plan for the Future
While the team reductions are taking place now, they are part of a longer-term decentralization plan for the Near ecosystem. As various nodes drive more activity in the network and across the ecosystem, the foundation’s footprint will continue to contract over time.
Hot Take: Near Foundation Streamlines Operations to Focus on Impactful Activities
The Near Foundation has made the decision to reduce its team in order to consolidate and prioritize higher-impact activities. This move comes despite the strong growth and success of the Near ecosystem, which is home to top apps in web3 and has seen a significant increase in daily users and transactions. The foundation’s treasury remains strong, ensuring continued support for the development and decentralization of the Near Protocol. While these staff reductions are happening now, they are part of a larger plan to further decentralize the ecosystem and drive more activity through various nodes.
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