Gate News: On March 18, the Algorand Foundation announced a reduction of approximately 25% of its staff to address the pressures caused by global macroeconomic uncertainties and the overall downturn in the crypto market. The organization stated that this move aims to optimize resource allocation to better align with the long-term development of the protocol. Currently, the Algorand Foundation has fewer than 200 employees. This layoff is part of a series of recent contractions in the crypto industry, including the shutdown of projects like RTFKT and Tally, as well as layoffs announced by Messari and Block due to industry changes brought by AI. OP Labs also cut about 20 employees last week. Financial data shows that the Algorand Foundation currently holds approximately $38 million in USD assets and about 1.1 million ALGO tokens. ALGO has a market cap of around $800 million, with real-world asset (RWA) holdings in the ecosystem valued at approximately $83 million. The foundation stated that it will continue to focus on promoting the development of the Algorand protocol, network, and ecosystem.
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