- Ava Labs laid off 12 employees to refocus resources on growing the Avalanche ecosystem amid the crypto bear market.
- Ava Labs founder Emin Gün Sirer said the layoffs will allow the company to focus significant resources on advancing Avalanche for years to come.
- The Ava Labs layoffs are part of a larger industry trend of crypto companies like OpenSea conducting workforce reductions to strategically refocus during the downturn.
Statement from Ava Labs Founder
Ava Labs founder Emin Gün Sirer said in a statement that the layoffs would allow the company to focus its significant resources on advancing Avalanche for years to come. He acknowledged that bear markets are difficult to navigate, but said Ava Labs is fortunate to have the runway to continue building out the ecosystem.
Contributions of Laid-Off Employees
Ava Labs VP of Growth Garrison Yang offered praise for the laid-off employees, saying they were instrumental in launching Summit, carving out Avalanche’s leadership in enterprise blockchain, and building the foundation for hundreds of successful projects. He said they helped Avalanche navigate multiple industry challenges.
Part of a Larger Industry Trend
The Ava Labs layoffs are part of a larger trend of workforce reductions across the crypto industry amid the ongoing bear market. For example, NFT marketplace OpenSea cut 50% of staff while transitioning to OpenSea 2.0 in order to remain competitive with a more agile structure.
Layoffs Allow Strategic Refocusing
While workforce reductions can be difficult, they are often part of the natural evolution of crypto companies looking to refocus their resources and strategies to navigate market shifts. The contributions of laid-off staff are still appreciated, but companies like Ava Labs and OpenSea say such moves allow them to double down on critical priorities.