NEAR Foundation Reduces Core Team By 40% to Sharpen Focus on Open Web Vision

Bits Logics Team . 12th Jan 2024

• NEAR Foundation has announced a substantial restructuring, resulting in a reduction of its core team by approximately 40%.
• The decision to reevaluate and restructure came after a comprehensive review by the NEAR Foundation Council (NFC). 
• Despite the downsizing, the NEAR Foundation emphasizes the strength and prudent management of its treasury, boasting over $285 million in fiat.

Aimed at honing its commitment to an Open Web, the NEAR Foundation has announced a substantial restructuring, resulting in a reduction of its core team by approximately 40%. The realignment primarily impacts marketing, business development, and community teams, reflecting the foundation’s dedication to streamlining efforts for a higher-impact approach.

According to the announcement, the NEAR Foundation has consistently championed a vision of an Open Web, emphasizing individual control over data, privacy, and governance. The year 2023 marked significant strides towards this goal, with the NEAR Protocol hosting three of the top ten Web3 apps, a surge in daily users, and strengthened collaboration with the Ethereum community.

The decision to reevaluate and restructure came after a comprehensive review by the NEAR Foundation Council (NFC). Feedback received during this process highlighted instances where the foundation may have been perceived as moving too slowly or attempting to undertake too many initiatives simultaneously. In response, the foundation has opted to refocus its core team on a narrower set of activities, aligning with its vision for the future.

Approximately 40% of the NEAR Foundation’s team, totaling 35 colleagues, will be affected by the restructuring, predominantly in marketing, business development, and community roles. The NEAR Protocol Engineering Team at Pagoda, however, will continue its operations unaffected. The foundation assures that support will be extended to affected colleagues to help them explore new opportunities within the NEAR ecosystem, the broader Web3 industry, and beyond.

Despite the downsizing, the NEAR Foundation emphasizes the strength and prudent management of its treasury, boasting over $285 million in fiat, 305 million NEAR tokens (equivalent to over $1 billion), and $70 million in investments and loans. The foundation remains poised to sustain the growth, development, and continued decentralization of the NEAR Protocol and its ecosystem.

In the face of change, the NEAR Foundation looks ahead with increased focus, efficiency, and speed, reaffirming its commitment to realizing the vision of an Open Web for all. Further updates on the next steps are anticipated in the near future.