Staff reduction was recently announced by the NEAR Foundation, an organization that empowers protocol maintainers and ecosystems.
The NEAR Foundation, a highly esteemed organization supporting ecosystems and protocol maintainers globally, recently reduced its staff. This development has sparked considerable speculation throughout the web3 domain.
To improve the organization’s functionality and efficiency, the NEAR Foundation intends to reduce its personnel by 40%, according to a recent statement released by the firm’s community.
In the interim, the organization is reaching unprecedented heights throughout the Web3 environment, as stated by the firm. By this, NEAR aims to enhance its productivity in a way that fundamentally transforms the company’s standing in the Web3 domain.
Concurrently, with increasing rumors 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 personnel will consolidate the core foundation team, per the foundation’s statement. Congruent with this, the organization presently focuses on a more limited and significant range of endeavors.
Moreover, according to the statement, the reduction in personnel primarily affects 35 foundation team members involved in community affairs, business development, and marketing. The NEAR protocol engineering team, however, is unaffected.
In the interim, 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.
Additionally, the president of ARK Invest remains optimistic regarding the pricing of Bitcoin ETFs, even after the fee waiver concludes.
The NEAR Cost Surges
As of this writing, the NEAR price has increased by 11.59% in the preceding twenty-four 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 capitalization, culminating in $3.67 billion and a 43.72% surge in trading volume, reaching $327.09 million.
