The Algorand Foundation laid off 25% of its staff, citing macroeconomic uncertainty and market downturn.

The Algorand Foundation announced it will lay off approximately 25% of its staff to address the pressure from global macroeconomic uncertainties and the overall downturn in the crypto market. In a statement, the organization said the move aims to optimize resource allocation to better align with the protocol's long-term development direction. The Algorand Foundation currently has fewer than 200 employees, and this layoff is part of a series of recent contraction measures in the crypto industry. Projects such as RTFKT and Tally have shut down, and Messari and Block have also announced layoffs due to industry changes brought about by AI. Additionally, OP Labs also laid off approximately 20 employees last week, citing organizational restructuring. Financial data shows that the Algorand Foundation currently holds approximately $38 million in USD assets and approximately 1.1 million ALGO tokens. ALGO currently has a market capitalization of approximately $800 million, and its ecosystem's real-world assets (RWA) are approximately $83 million. The foundation stated that it will continue to focus on promoting the development of the Algorand protocol, network, and ecosystem, emphasizing that this adjustment will make the organizational structure more sustainable.