The Algorand Foundation, the organization behind the layer-1 blockchain network Algorand, has reduced its workforce by 25%. The foundation cited ongoing crypto market weakness and broader macroeconomic uncertainty as the driving factors, though the exact number of employees affected was not disclosed.
The foundation stated it remains committed to financial empowerment and the continued development of the Algorand protocol. Its Q4 transparency report showed quarterly transaction growth of 4.7% and real-world asset values reaching $109 million on the network. Real-world asset analytics platform RWA.xyz currently ranks Algorand 19th among blockchains, with $83 million in RWA value.
The cuts follow similar reductions across the industry, including layoffs at OP Labs, PIP Labs, and Gemini. Algorand’s native token, ALGO, trades around $0.09, nearly 98% below its 2019 all-time high of $3.56.
Originally reported by Decrypt.
