Svmuu News The Algorand Foundation has announced a reduction of approximately 25% of its workforce to address pressures stemming from global macroeconomic uncertainty and the overall downturn in the crypto market. In a statement, the organization indicated that this move aims to optimize resource allocation, aligning it more closely with the protocol's long-term development direction.
It is reported that the Algorand Foundation currently has fewer than 200 employees. This layoff is part of a recent series of contraction measures within the crypto industry. Projects including RTFKT and Tally have successively shut down, while Messari and Block have also announced layoffs due to industry changes brought about by AI. Additionally, OP Labs cut about 20 employees last week, describing it as part of an organizational restructuring.
Financial data shows that the Algorand Foundation currently holds approximately $38 million in USD-denominated assets and about 1.1 million ALGO tokens. ALGO's current market capitalization is around $800 million, with the ecosystem's real-world asset (RWA) scale at approximately $83 million.
The Foundation stated that it will continue to focus on advancing the development of the Algorand protocol, network, and ecosystem, emphasizing that this adjustment will make the organizational structure more sustainable.