NEAR Foundation Downsizes 40% Workforce, Eyes Efficient Functioning

The NEAR Foundation announces a 40% workforce reduction, triggering diverse speculations across Web3. The announcement sent shockwaves, given the NEAR Foundation’s prominence in empowering protocol maintainers and ecosystems.   

The statement conveyed by the firm’s community reiterated the need to sustain robust and efficient functioning. In particular, the downsized workforce would facilitate optimized workflow as it scales heights within the Web3 landscape. 

The announcement by the firm’s community affirms the resolve to improve workflow as it revolutionizes its positioning within the larger Web3 realm. 

The announcement stirred speculation, ultimately downing the NEAR price as the protocol garnered global market attention. 

NEAR Consolidating Core Foundation Team

Detailed scrutiny of the statement shows that a 40% reduction in the workforce targets consolidating the core team. The NEAR Foundation chief executive, Illia Polosukhin, considered the changes critical given the organization’s current zeroes in the narrower and higher impact activities. 

The Thursday, January 11 statement disclosed that the layoff will affect 35 team members. The blog post indicated that the layoff victims are spread across the community dominion, marketing, and business development. Polosukhin clarified that the NEAR protocol engineering unit is unaffected by the changes. 

AI Trading Robot

The statement emphasized that the NEAR Foundation commits to assisting affected individuals in securing new opportunities within the Web3 industry and the NEAR ecosystem. 

A detailed analysis of the firm shows that despite announcing a colossal layoff, its financial health has unmatched treasury. In particular, it has $285 million in fiat currency besides the 305 million NEAR, commanding over $1 billion. Besides its investments and loans, it is estimated to be $70 million, thus affirming its solid treasury. 

NEAR Price Movement

The NEAR price suffered a 4.44% decline in the past 24 hours to exchange hands at $3.23. A review of the seven-day run shows a price decline of 8.21%. The downtrend leaves NEAR Protocol market capitalization at $3.276 billion from the 1 billion units of NEAR ranking 30, per CoinGecko data. 

While the NEAR price has declined by 18.3% in the past two weeks, the protocol retains the 35.3% monthly growth and 36.7% in the past year. The 8% price decline in the past week indicates that the NEAR Protocol (NEAR) still underperforms the global crypto market, slipped 1.30% in a similar period. 

NEAR token primarily trades on centralized crypto exchanges. Bitunix is the most popular platform for purchasing and trading the NEAR Protocol. Bitunix saw the leading active trading pair emerge as NEAR/USDT, commanding a trading volume of $2.044 million in the past 24 hours. Traders can consider other options, including MEXC and DignFinex.  

The trading volume rose by 2.6% to $155.371 million in the past day to signal a surge in the market activity, as per CoinGecko data. 

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