🌋 Crypto Winter Hits Consensys – MetaMask Developer Axes 160+ Jobs
posted 29 Oct 2024
Consensys, the developer of the widely-used non-custodial MetaMask wallet, has announced layoffs impacting more than 160 employees (nearly 20% of its team) across all divisions.
Faced with tough macroeconomic conditions and continued regulatory challenges, Consensys, a leading web3 player, is restructuring to adapt.
Rising inflation and restricted liquidity have created an environment where crypto firms must prioritize cost efficiency.
Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problemsays Joseph Lubin.
The restructuring aims to preserve flexibility and resilience in the competitive web3 arena, supporting Consensys’s focus on long-term growth and innovation, as noted in the company blog.
Joseph Lubin, Co-founder and CEO of Consensys. Source: consensys.io
Consensys has built successful tools such as MetaMask, Infura, and Linea, which support the Ethereum ecosystem and further the decentralized web3 application network.
The company’s restructuring plan includes a shift from a centralized organization to what it describes as a “network state,” an autonomous ecosystem approach that aligns with its goals to decentralize products and create a sustainable network model.
Consensys is transforming itself to naturally evolve from a company into a Network State over time… positioning ourselves to contribute more effectively—not just as participants, but as builders of the Consensys Network StateLubin writes.
Consensys' decision has substantial short-term implications. While the downsizing strategy aims to enhance financial stability, it also impacts the social interests of many employees. As part of the severance package, departing employees will receive extended benefits, career support, and severance pay.
The company will now focus on decentralizing key products like MetaMask, a gateway to DeFi applications for millions worldwide.
Lubin concluded by noting that upcoming developments, especially involving Linea’s zkEVM technology, will be showcased at the Devcon event.
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