The NEAR Foundation has announced a substantial 40% reduction in its workforce in a strategic move aimed at optimizing operations. Moreover, the firm aims to improve its standing within the dynamic Web3 landscape.
Quick Take:
- NEAR Foundation strategically reduces its workforce by 40% to enhance efficiency.
- The decision affected roles primarily in marketing, business development, and community domains.
- NEAR token experienced a 17.38% surge in the past 24 hours, reaching $3.74.
This decision, outlined by CEO Illia Polosukhin, is part of an effort to streamline the core foundation team. It will help the team concentrate on activities with a higher impact while maintaining a commitment to support affected employees in finding new opportunities.
NEAR Price Surges Amidst Workforce Restructuring
The announcement by NEAR Foundation’s CEO, Illia Polosukhin, detailed a 40% reduction in the foundation’s workforce. The move primarily targets roles in marketing, business development, and community domains.
However, the NEAR protocol engineering team remains untouched. It shows that the firm is aiming to focus on consolidating the core foundation team for a narrower, higher-impact set of activities.
Polosukhin stated,
“As part of this realignment, NEAR Foundation will reduce its team by approximately 40%, impacting 35 colleagues, primarily across the marketing, business development, and community teams. The NEAR Protocol Engineering Team at Pagoda will continue to operate as it has.”
The restructuring has caught the attention of the web3 community. It has also led to a remarkable surge in the NEAR token price. However, a wave of positive momentum is seen across the crypto market amid the anticipated approval of spot Bitcoin ETFs by the SEC on January 10.
The NEAR price has witnessed a substantial 17.38% increase in the past 24 hours, trading at $3.74. Weekly and monthly performance metrics also reflect positive trends. The market cap reached $3.76 billion, accompanied by a 50.37% increase in trading volume, reaching $348 million.
NEAR Foundation’s Vision and Financial Position
The NEAR Foundation boasts a treasury comprising over $285 million in fiat currency and 305 million NEAR tokens, which are worth over $1 billion. The protocol also has around $70 million in investments and loans.
In a recent letter to the NEAR community, CEO Illia Polosukhin reaffirmed the foundation’s vision to facilitate a truly Open Web, emphasizing the notable progress achieved in 2023. The NEAR Protocol now hosts three of the top ten Web3 apps, with a record number of daily users and increased collaboration with the Ethereum community.
Despite the workforce reduction, the NEAR Foundation remains financially strong and well-managed. It is a positive indicator of the protocol’s ability to support continued growth and decentralization.
