Giant Layoff Decision From O Altcoin: The Foundation Is Going To Shrink By 40%!

The NEAR Foundation recently announced a restructuring to streamline its work activities and expand its vision of the "Open Web."

The NEAR Foundation, known for its commitment to giving individuals control over their data, privacy, and governance, has been instrumental in the advancement of the NEAR Protocol. In 2023, the protocol has achieved several notable achievements, hosting three of the top ten applications in Web3, attracting a record number of daily users, and fostering increased collaboration with the Ethereum community.

The decision to restructure was made following a thorough review conducted by the NEAR Foundation Council (NFC). The review highlighted areas where the Foundation could improve its efficiency, pointing to instances where it moved too slowly and tried to take on too many initiatives at once. As a response to this assessment, the NEAR Foundation has opted to consolidate its core team, focusing on a more targeted and high-impact set of activities.

After the decision, the team will be reduced by 40%. This means that the 35 employees in the team will part ways. However, the NEAR Protocol Engineering Team in Pagoda will continue to operate unaffected by the restructuring.

Financially, the NEAR Foundation demonstrates its stability with a solid treasury with over $285 million in fiat currency, 305 million NEAR tokens worth over $1 billion, and $70 million in additional investments and loans. This financial strength puts the Foundation in a good position to continue to support the growth, development, and decentralization of the NEAR Protocol and its ecosystem.

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