Near Foundation cuts staff by 40% despite booming NEAR ecosystem

Near Foundation, the driving unit down the NEAR Protocol, is streamlining its workforce by 40% contempt its ecosystem’s noticeable maturation and development during the past year, according to a Jan. 11 statement by CEO Illia Polosukhin.

The Foundation revealed that the simplification impacted 35 squad members wrong its marketing, concern development, and assemblage teams, leaving the NEAR Protocol Engineering squad unaffected.

Polosukhin stated that the determination was reached successful collaboration with the NEAR Foundation Council (NFC) and stems from a broad appraisal of their operations. According to him, the Foundation’s operations sometimes lacked optimal effectiveness arsenic they “[moved] excessively dilatory and [were] trying to bash excessively galore things astatine once.”

“We person decided to importantly consolidate the halfway Foundation squad to absorption connected a narrower and higher-impact acceptable of activities. Over time, Foundation’s footprint volition proceed to declaration arsenic the ecosystem further decentralizes and assorted nodes thrust much enactment successful the web and crossed the ecosystem,” Polosukhin added.

However, contempt these interior changes astatine the Foundation, the entity stated that it remains robust financially, boasting a treasury exceeding $285 cardinal successful fiat. Its treasury besides includes 305 cardinal NEAR tokens valued astatine implicit $1 cardinal and $70 cardinal successful investments and loans.

NEAR ecosystem grows

Meanwhile, NEAR Protocol’s decentralized concern ecosystem has demonstrated singular show successful parallel with these interior developments.

According to DefiLlama data, the full worth of assets locked (TVL) connected the Near blockchain surged past the $100 cardinal people successful December earlier retracing to its existent worth of $95 million, representing a 14-month high.

However, these numbers airy importantly against its all-time precocious of astir $500 cardinal successful 2022.

Furthermore, decentralized exchanges (DEXs) based connected the blockchain bask precocious web activity, facilitating transactions exceeding $10 cardinal wrong the past 24 hours and astir $47 cardinal successful the erstwhile 7 days.

Simultaneously, the NEAR token has experienced a notable surge, up 17.25% to $3.73 during the past day, according to CryptoSlate’s data. This uptick is accordant with its terms show maturation of 75% during the past 30 days.

The station Near Foundation cuts unit by 40% contempt booming NEAR ecosystem appeared archetypal connected CryptoSlate.