In short
- The Algorand Foundation laid off 25% of its staff due to the decline in crypto markets.
- Fundamentals remain focused on the network, which saw nearly 5% growth in sales last quarter compared to Q3.
- The removal follows recent announcements from companies such as OP Labs, PIP Labs, Block, and Gemini.
The organization behind network-1 Algorand has laid off 25% of its workforce due to the continued crypto slide and financial uncertainty.
Details of the number of people affected have not been released. A representative for the foundation did not immediately respond Decrypt’s ask for feedback.
“These employees have been very supportive of the environment and the Foundation, and this was a very difficult decision,” the board said. written on X.
“We believe that we now have a permanent partnership between the Algorand Foundation and the protocol’s achievements, technology, and environment,” it added.
The risk-proof network was created by the Turing Award-cryptography expert Silvio Micali and was launched in 2019, but it has struggled to maintain global popularity as its token – ALGO – is trading around 98% from its 2019 all-time high of $3.56.
Recently changing hands at $0.09, the token was last traded above $1.00 in January 2022, according to data from CoinGecko.
However, the foundation “remains focused on our mission to provide financial leverage and continue the development and growth of the Algorand protocol, network, and ecosystem,” its announcement said.
The network report Q4 transparency report It shows a quarter-on-quarter growth of 4.7% while real assets (RWA) jumped to $109 million on the blockchain, a jump of 2.9%.
What is available here from RWA.xyzThe real wealth analysis platform, is currently ranked 19th among blockchains in terms of RWA values, at $83 million—about 190x below the value of RWAs on Ethereum.
The company’s layoff decision adds to the recent slowdown in the crypto industry. Last week, OP Labs – the team behind Ethereum network-2 To have hope– announced that he was leaving 20 employees to reduce his interest. A day later, PIP Labs, the team behind Story Protocol, made the announcement it was separated from 10% of its employees.
The decision followed a big cut from the crypto-trader Gemini, which posted discounting about 25% of its employees while they received benefits from artificial intelligence. The company then he separated from the three elders also. And Jack Dorsey’s payments company Block laid off 4,000 workers in February, although it is not clear how many have focused on different types of companies Bitcoin triggers.
Despite the layoff, the Algorand Foundation’s website continues two types of work about roles in community management and business development.
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