NEAR Foundation to Lay Off 40% of Staff While New Web3 Careers Emerge

10 months ago 6

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The NEAR Foundation has announced a significant reduction in its workforce. Consequently, it will lay off 35 staff members, or approximately 40% of its team.

This decision comes amidst a period of restructuring and realignment of the Foundation’s goals and strategies.

NEAR Foundation to Lay Off 35 Employees

The NEAR Foundation has been a key player in the crypto market. In 2023, the NEAR ecosystem made remarkable strides, notably with the NEAR Protocol becoming a hub for three of the top ten Web3 applications.

The protocol experienced a surge in daily users and fostered closer ties with the Ethereum community, highlighting its growing influence in the space.

However, a comprehensive review by the NEAR Foundation Council (NFC) revealed areas needing improvement. Feedback indicated that the Foundation’s approach was occasionally inefficient, characterized by slow movement and a tendency to overextend its scope of activities. Consequently, the NFC decided to consolidate the core Foundation team.

The reduction in staff primarily affects the marketing, business development, and community teams. However, the NEAR Protocol Engineering Team at Pagoda will continue its operations unaffected. The NEAR Foundation has pledged support to the affected employees, assisting them in finding new opportunities within the NEAR ecosystem and the broader Web3 industry.

Despite these layoffs, the NEAR Foundation claims its financial health remains robust. Its treasury features over $285 million in fiat, 305 million NEAR tokens (valued at over $1 billion), and $70 million in investments and loans.

New Web3 Careers Opportunities Emerge

In the broader context, Web3 career opportunities continue to abound, as highlighted by BeInCrypto’s Crypto Jobs in Web3 portal. Companies like Bitgo, Gemini, Fireblocks, and Swan are actively hiring for various roles, with salaries ranging from $63,000 to $220,000 per year.

Here is a list of some of the open positions featured in BeInCrypto’s Crypto Jobs in Web3:

Engineering Manager, DevOps at Bitgo: Salary range of $170,000 to $220,000 per year.
Accountant at Crypto Exchange Gemini: Salary range of $63,000 to $75,000 per year.
Customer Support Engineer at Fireblocks: Salary range of $70,000 to $125,000 per year.
Onboarding Specialist at Swan: Salary range of $85,000 to $109,000 per year.
Blockchain Security Engineer at Keyfactor: Salary range of $100,000 to $110,000 per year.
Product Manager (Multi-Chain) at P2P: Salary range of $55,000 to $72,000 per year.

While the NEAR Foundation recalibrates its focus, the industry continues to offer numerous Web3 career opportunities. These openings demonstrate the dynamic nature of the Web3 sector and the ongoing demand for skilled professionals in this field.