The NEAR Foundation, an organization that provides support to maintainers of ecosystems and protocols, recently declared a significant reduction in its workforce.
The NEAR Foundation, a highly esteemed organization that supports ecosystems and protocol maintainers on a global scale, recently made a remarkable reduction in workforce.
This development has sparked considerable speculation throughout the web3 domain.
In an effort to improve the organization’s functionality and efficiency, the NEAR Foundation intends to reduce its workforce by 40%, according to a recent statement released by the firm’s community.
Meanwhile, the organization appears to be reaching unprecedented heights throughout the Web3 environment, as stated by the firm.
Following this, NEAR is currently aiming to enhance its productivity in a way that fundamentally transforms the company’s standing in the Web3 domain.
Concurrently, with increasing rumors revolving around the announcement, the price of NEAR experienced a phenomenal surge, attracting considerable international attention.
An Analysis Of The Announcement
Notably, a 40% reduction in the firm’s workforce is intended to consolidate the core foundation team, per the foundation’s statement.
In line with this, the organization presently focuses on a more limited and more significant range of endeavors.
Moreover, according to the statement, the reduction primarily affects 35 foundation team members, who are involved in community affairs, business development, and marketing.
However, the NEAR protocol engineering team is unaffected.
In addition, the company also declared its continued dedication to assisting its impacted staff in locating fresh employment opportunities throughout the NEAR ecosystem, Web3 sector, and beyond.
However, despite the substantial workforce reductions that the company disclosed, it continues to maintain a commendable treasury.
The company possesses an enormous $70 million in investments and loans, 305 million NEAR (equivalent to more than $1 billion in value), and more than $285 million in fiat currency.
NEAR Price Increases
As of this writing, the NEAR price has increased by an enormous 11.59% in the past 24 hours and is currently trading at $3.66.
Additionally, this upswing was accompanied by a weekly increase of 0.87% and a monthly increase of 56.73%.
Furthermore, there was an 11.19% increase in market cap, which culminated in $3.67 billion, and a 43.72% surge in trading volume, which reached $327.09 million.