Odaily Planet Daily reports that the Algorand Foundation has announced a reduction of approximately 25% of its workforce to address pressures arising from global macroeconomic uncertainty and the overall downturn in the crypto market. The organization stated that this move aims to optimize resource allocation to better align with the long-term development direction of the protocol.
It is reported that the Algorand Foundation currently has fewer than 200 employees, and this round of layoffs is part of a series of recent contractions in the crypto industry. Projects such as RTFKT and Tally have recently shut down, while Messari and Block announced layoffs in response to industry changes driven by AI. Additionally, OP Labs laid off approximately 20 employees last week, citing organizational restructuring.
Financial data shows that the Algorand Foundation currently holds approximately $38 million in U.S. dollar assets and about 1.1 million ALGO tokens. ALGO currently has a market capitalization of approximately $800 million, and the total value of real-world assets (RWA) within the ecosystem is around $83 million.
The foundation stated that it will continue to focus on advancing the Algorand protocol, network, and ecosystem, emphasizing that this adjustment will make the organizational structure more sustainable.