NEAR Foundation Implements Workforce Restructuring for Greater Efficiency
The NEAR Foundation recently announced a restructuring plan that will result in a 40% reduction of its workforce, equivalent to approximately 35 staff members. Despite the growth of the NEAR ecosystem in 2023, this decision aims to streamline operations and increase efficiency, according to the foundation.
Reason Behind NEAR Foundation Workforce Slash
Illia Polosukhin, the CEO of the NEAR Foundation, explained that these adjustments are part of a calculated move to strengthen the foundation’s effectiveness in key areas. The restructuring will primarily impact the marketing, business development, and community teams. However, Polosukhin assured that the foundation’s treasury remains strong and well-managed, indicating its solid financial health.
An extensive internal review prompted this restructuring, which revealed that the foundation’s multifaceted approach may have diluted its impact. Polosukhin acknowledged that the organization was spreading itself too thin, resulting in slower progress. To address this issue, the foundation will consolidate its core team to focus on higher-impact activities.
Steady Growth And Future Decentralization Plans
Despite the reduction in staff, the NEAR Foundation maintains substantial financial reserves. Its treasury currently holds $285 million in cash, 305 million NEAR tokens valued at around $1.1 billion, and an additional $70 million in investments and loans.
Polosukhin emphasized that despite downsizing, the NEAR ecosystem has experienced significant expansion. The protocol hosts three of the top ten applications in the web3 space and consistently records high daily user activity. As of December 2022, it had over 7 million monthly active accounts, 35 million total accounts, and an average of over 2 million daily transactions.
The NEAR Foundation has a long-term vision that involves further decentralization. This process aims to decrease the foundation’s direct involvement over time, allowing for more independent activity within the network and across the ecosystem. Polosukhin believes that the recent staff reductions are a step towards this goal, enabling broader community-driven growth and innovation while maintaining a focused and strategic presence.
Hot Take: NEAR Foundation Streamlines Operations through Workforce Restructuring
The NEAR Foundation has made the decision to reduce its workforce by 40% in order to enhance efficiency and impact. Despite experiencing growth within the NEAR ecosystem, the foundation recognized the need to consolidate its operations for greater effectiveness. By focusing on key areas and higher-impact activities, the foundation aims to maintain its solid financial health and continue fostering the growth and decentralization of the NEAR Protocol. This move signifies a step towards a more community-driven approach, allowing for independent activity and innovation within the network. With substantial financial reserves and a track record of success, the NEAR Foundation remains well-positioned for future development in the web3 space.
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