The Ethereum Foundation cut about 20% of its staff, eliminating 54 jobs as part of an organizational revamp tied to the long-term strategy of development.
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- The Ethereum Foundation is restructuring its staff and has reduced it by approximately 20%.
- Ethereum’s developers are continuing to work on other protocol upgrades and the Glamsterdam update, while the organization is reorganized.
- As the foundation refocuses its resources on long-term goals, affected employees will be eligible for severance pay, grants, and transition assistance.
The Ethereum Foundation said that the reduction of staff was the culmination of a restructuring exercise carried out in accordance with the organization’s Mandate, and Treasury Management Policy. This leaves the foundation with an even smaller team, focusing on its “most important” responsibilities for the future.
The foundation stated in the post X of June 23, that the changes are designed to align resources, people and operations better with the work only Ethereum Foundation is capable of performing. In a June 23 X post, the foundation acknowledged that the organization was laying off 54 people, which is about one fifth of their staff.
This announcement comes at a time of change for Ethereum’s technical roadmap and leadership. As reported According to crypto.news last week Hsiao Wei Wang retired as co-executive directors and board members of the Ethereum Foundation.
A period of weakness in the Ethereum market coincided with an announcement about reducing staff. ETH trades around $1.650, after a larger crypto market decline sparked significant liquidity across all digital assets.
The new structure is based on five divisions
In the new framework, Ethereum has been reorganized into five areas of focus: protocol, accessibility, user, community and institutional. The management and operations functions will continue to be managed by separate teams.
According to the foundation, Ethereum’s core technology will remain under protocol. The division will oversee all work related decentralization and privacy as well security and resistance to censorship. The other divisions will be focused on user experiences, ecosystem participation and community engagement as well as institutional adoption.
Ethereum is also preparing a number of major protocol updates. Crypto.news reported previously that the forthcoming Glamsterdam upgrade Includes work on Enshrined Proposer/Builder Separation, Block-Level Access Lists. These changes aim to improve the way Ethereum clients processes data and increase transparency.
Ethereum’s development team is also working to improve privacy, layer 1 scaling, future security, and gas pricing initiatives.
Reduced staff is accompanied by supportive measures
In announcing layoffs the Ethereum Foundation stated that the affected employees would be receiving severance and transition packages. It also said that the Ethereum Foundation will offer career support for departing employees to enable them to pursue other opportunities in Ethereum’s ecosystem.
The foundation also plans to offer additional grants to assist with career-transition expenses.
It was stressed that resource allocation and not short-term economic conditions drove the organization’s restructuring.
“These decisions were hard, but they are necessary. We must be resourced and organized in a way that allows us to focus on the critical work that only EF can, and therefore must, do in the coming years, without excessive disruption from short-term market movements.”
After a time of downsizing operations, several organizations with a crypto focus have also reduced staff.
Bankless, a crypto media firm that was criticised for criticism earlier in May after reportedly X announced that it was laying off the majority of its staff, but did not announce the cut. Ryan Sean Adams, the co-founder of X described this as the beginning of the end for the platform.
Ethereum said that in the weeks to come, it would release additional information about its organization and future plans.
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Source: crypto.news
