The NEAR Foundation has announced a significant reduction in its workforce. Consequently, it will lay off 35 staff members, or approximately 40% of its team. 

This decision comes amidst a period of restructuring and realignment of the Foundation’s goals and strategies.

NEAR Foundation to Lay Off 35 Employees

The NEAR Foundation has been a key player in the crypto market. In 2023, the NEAR ecosystem made remarkable strides, notably with the NEAR Protocol becoming a hub for three of the top ten Web3 applications. 

The protocol experienced a surge in daily users and fostered closer ties with the Ethereum community, highlighting its growing influence in the space.

However, a comprehensive review by the NEAR Foundation Council (NFC) revealed areas needing improvement. Feedback indicated that the Foundation’s approach was occasionally inefficient, characterized by slow movement and a tendency to overextend its scope of activities. Consequently, the NFC decided to consolidate the core Foundation team.

The reduction in staff primarily affects the marketing, business development, and community teams. However, the NEAR Protocol Engineering Team at Pagoda will continue its operations unaffected. The NEAR Foundation has pledged support to the affected employees, assisting them in finding new opportunities within the NEAR ecosystem and the broader Web3 industry.

Read more: A Comprehensive Guide to Starting a Career in Web3

Despite these layoffs, the NEAR Foundation claims its financial health remains robust. Its treasury features over $285 million in fiat, 305 million NEAR tokens (valued at over $1 billion), and $70 million in investments and loans.

New Web3 Careers Opportunities Emerge

In the broader context, Web3 career opportunities continue to abound, as highlighted by Go to Source to See Full Article
Author: Harsh Notariya

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