Near Foundation to Reduce Workforce by 40% Despite Strong Ecosystem Performance

Near Foundation to cut 40% of its workforce. Decision follows a recent review process.

A Paradigm Shift in Near Foundation

In a surprising turn of events, Near Foundation, a prominent player in the Web3 ecosystem, has announced a significant workforce reduction of 40%. This unexpected move comes at a time when the Near Protocol is basking in the glow of a remarkable year, raising questions about the motivations behind this strategic decision.

Deciphering the Decision: CEO’s Insights

CEO Illia Polosukhin sheds light on the rationale driving this bold move. According to Polosukhin, the decision stems from a comprehensive review that highlighted inefficiencies within the organization. The goal is to refocus the core Foundation team on a narrower set of activities, ensuring a higher impact in the rapidly evolving Web3 landscape.


Teams Affected: Navigating Changes in Marketing, Business Development, and Community

The workforce reduction primarily targets teams in marketing, business development, and community engagement. Polosukhin emphasizes the need for agility and adaptability in these crucial areas to keep pace with the dynamic demands of the Web3 industry.

Long-Term Vision: Decentralization Efforts Unveiled

Polosukhin underlines that this move aligns with Near Foundation’s long-term strategy of decentralization. Despite the workforce reduction, he assures that the Near Protocol engineering team and key contributor Pagoda will continue operations as usual. This commitment reflects the organization’s vision for a more decentralized and resilient future.

Support for the Transition: Assisting Laid-Off Workers and Treasury Strength

Recognizing the impact on employees, Near Foundation pledges support to those affected by the workforce reduction. The organization is actively involved in helping laid-off workers find new opportunities within the Near ecosystem, the broader Web3 industry, and beyond. Additionally, Polosukhin reassures stakeholders that the Foundation’s treasury remains robust, with over $1 billion in NEAR tokens, fiat, and strategic investments.

Unexpected Timing: Despite Strong Ecosystem Performance

The decision to reduce the workforce contrasts sharply with the Near Protocol’s recent achievements. Polosukhin acknowledges the exceptional growth, with over 7 million monthly active accounts, 35 million total accounts, and a staggering 2 million transactions per day. This raises eyebrows, prompting a closer examination of the strategic dynamics at play.

Conclusion: Charting the Course for Web3’s Future

Near Foundation’s workforce reduction emerges as a pivotal moment in the evolution of Web3. The industry watches closely as this strategic move unfolds, pondering its implications for decentralized technology. As Near Foundation charts a course for the future, the broader Web3 community awaits the next chapter in the story of innovation, resilience, and adaptation.

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