40% of the staff is laid off by Near Foundation despite strong financial results
Written byRock Buivy
Post Date: 23 Jan, 24
The creator of the layer-1 protocol that bears the same name, Near Foundation, declared that it would reduce its workforce by 40% in order “to significantly consolidate the core Foundation team to focus on a narrower and higher-impact set of activities.”
As stated in the announcement from January 11, the foundation “has not always been as effective as it could be, sometimes moving too slowly and trying to do too many things at once.”
This feedback led to the decision to fire 35 Near employees who worked in the marketing, business development, and community teams.
“The NEAR Foundation will provide support to affected colleagues during this time to help them find new opportunities in the NEAR ecosystem, the Web3 industry, and beyond.”
The Near Foundation’s financial status seems stable in spite of these layoffs.
The foundation’s treasury contains $70 million in loans and investments, 305 million NEAR tokens (worth over $1 billion), and approximately $285 million in fiat money.
According to CEO Illia Polosukhin, the foundation is well-positioned to promote the expansion, improvement, and continued decentralisation of the NEAR Protocol and its ecosystem given its strong financial position.
CEO Illia Polosukhin stated, “The Foundation is well-positioned to continue to support the ongoing growth, development, and further decentralisation of the Near Protocol and ecosystem.”
Marieke Flament, Near Foundation’s former CEO, resigned, the organisation announced on September 21, 2023. Her departure was not explained in detail.
The organization’s treasury balance increased to 330 million NEAR, or $350 million, at the time of Flement’s resignation, between 2021 and 2023.
In the meantime, Near Protocol saw an increase in daily active users from 50,000 to 3 million, and its Twitter following increased from 200,000 to over 2 million, citing over 2,000 media stories.
The Near Foundation recently decided to restructure significantly as part of a strategic attempt to increase productivity and concentrate its core team on projects with significant effect.
The foundation has demonstrated its commitment to finding a more efficient and effective way forward by admitting its mistakes in the past and by pledging to support the impacted staff.
Charting the Future: Near Foundation’s Resilience Amid Restructuring – A Strong Financial Fortress and Strategic Vision Propel NEAR Protocol’s Evolution in Web3
The foundation’s financial stability, demonstrated by a strong treasury and assured leadership, positions it well for the ongoing growth and development of the NEAR Protocol and its ecosystem, despite the fact that the employment decrease represents a considerable adjustment.
The group is still dedicated to further decentralisation and the NEAR Protocol’s success.
The foundation is still strong despite Marieke Flament’s resignation, the details of which were kept a secret. The restructure comes after her departure.
The Near Foundation is well-positioned to handle the changing blockchain technology landscape and hold onto its prominent position in the Web3 industry with a sharpened focus and a strong financial foundation. Moving forward, the Near Foundation should prioritize transparent communication to its community and stakeholders regarding the restructuring rationale and its strategic vision.
Leveraging this opportunity, the foundation could consider enhancing collaboration with the remaining team members, fostering innovation, and maintaining a dynamic ecosystem.
Encouraging partnerships and engagement within the Web3 community could further strengthen the foundation’s position.
Additionally, a thorough evaluation of internal processes and a commitment to continuous improvement will be essential.
Embracing agility and adaptability in response to the rapidly evolving blockchain landscape will enable the Near Foundation to not only overcome current challenges but also thrive in the future.
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