The Near Foundation, a key player in the cryptocurrency world, announced a significant reduction in its workforce. Despite a year of substantial growth in the Near ecosystem, the foundation is set to downsize its team by 40%.
The CEO of Near Foundation, Illia Polosukhin, confirmed that the cuts will affect around 35 employees, mainly from the marketing, business development, and community teams. This decision follows a comprehensive review, revealing a need for more effective operations.
Engineering and Treasury Strength Remain Intact
Significantly, the Near Protocol engineering team at Pagoda remains unaffected. Moreover, the foundation is committed to assisting the impacted staff in finding new opportunities within the Near ecosystem or the broader crypto industry.
Additionally, Polosukhin assures that the foundation’s treasury is robust, with substantial assets, including $285 million in cash, 305 million Near tokens, and $70 million in investments and loans. Hence, the foundation is equipped to continue supporting the Near Protocol and its ecosystem’s growth and decentralization.
The decision to downsize comes despite an impressive year for the Near ecosystem, which has seen a surge in daily users and the development of top web3 apps. The Near Protocol has witnessed a 15-fold increase in daily transactions and a significant rise in new addresses, especially in December 2023.
This strategic move by the Near Foundation reflects a long-term vision for decentralization, aiming to reduce its footprint as the ecosystem grows more vibrant.
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