NEARNews

NEAR Foundation To Slash 40% Of Its Workforce Despite Ecosystem Growth

2 Mins read

The NEAR Foundation announced a restructuring that will see its workforce slashed by 40%, which is about 35 members of its staff. This decision, which comes despite the expansion within the NEAR ecosystem in 2023, is aimed at streamlining operations for greater efficiency and impact, according to the announcement.

Reason Behind NEAR Foundation Workforce Slash

Illia Polosukhin, CEO of the NEAR Foundation, indicated that the adjustments are part of a “calculated” move to “bolster” the foundation’s effectiveness in key areas.

According to the announcement, the restructuring will mainly affect the marketing, business development, and community teams. Polosukhin assured that the NEAR Foundation’s treasury “remains strong and well-managed,” indicating the organization’s alleged solid financial health.

As mentioned in the announcement, this restructuring comes on the heels of an extensive internal review, which suggested that the foundation’s multifaceted approach may have diluted its effectiveness.

According to Polosukhin, the organization was spreading itself too thin, leading to a slower pace of work and diminished impact. To combat this, Polosukhin noted:

Following this review, we have decided to significantly consolidate the core Foundation team to focus on a narrower and higher-impact set of activities.

NEAR price chart on TradingView amid NEAR Foundation workforce slash
NEAR price is moving sideways on the 1-hour chart. Source: NEAR/USDT on TradingView.com

Steady Growth And Future Decentralization Plans

Despite the reduction in staff, the NEAR Foundation’s financial reserves remain substantial. The treasury currently holds $285 million in cash, 305 million NEAR tokens valued at approximately $1.1 billion, and an additional $70 million in investments and loans.

According to Polosukhin, the foundation can continue fostering the growth and decentralization of the NEAR Protocol and its broader ecosystem.

Polosukhin further emphasized that despite the downsizing, the NEAR ecosystem has witnessed significant expansion, as mentioned above. The CEO of the NEAR Foundation pointed to the protocol’s success in hosting “three of the top ten” applications in the web3 space and its consistent record of high daily user activity.

As of December last year, the NEAR Protocol boasted over 7 million monthly active accounts, 35 million total accounts, and an average of over 2 million daily transactions.

The NEAR Foundation CEO also shed light on the organization’s long-term vision, which includes further decentralization. This ongoing process aims to reduce the foundation’s direct involvement over time, allowing for more independent activity within the network and across the ecosystem.

Polosukhin views the recent staff reductions as a step toward this goal, ensuring the foundation maintains a “focused and strategic presence while enabling broader community-driven growth and innovation.”

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.