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Ethereum Foundation Cuts Budget 40 Percent and Lays Off 20 Percent of Staff
The Ethereum Foundation reduced its budget by roughly 40 percent and laid off about 20 percent of its workforce on June 24. The moves followed the launch of EthLabs, a new research group backed by more than 50 stakeholders.
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The Ethereum Foundation announced a roughly 40 percent budget cut and laid off about 20 percent of its workforce on June 24, one day after the launch of EthLabs, a new Ethereum research organization. CoinDesk reported the developments. EthLabs is backed by more than 50 ecosystem stakeholders, with SharpLink committing significant capital to the initiative.
Joseph Chalom, CEO of SharpLink, said the funding aims to accelerate institutional adoption through protocol development work. " He added that budget constraints force prioritization and that a smaller EF will move faster. Hudson Jameson, head of ecosystems at CertiK and a former Ethereum Foundation employee, stated the job cuts were necessary for budget, longevity, and CROPs alignment.
He described the EthLabs founding team as long-time, well-respected members of the Ethereum research and development community. " Ethereum launched in 2015.
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