- The company has always adhered to the principle of being a small, dedicated staff as per the CEO.
- According to Gluchowski, Matter Labs should reassess its strategy, objectives, and team.
The German firm Matter Labs, which created the ZKsync protocol for Ethereum’s Layer 2 layer, has laid off almost 16% of its employees.
In a post on X, Matter Labs’ co-founder and CEO, Alex Gluchowski, said that the company has always adhered to the principle of being a small, dedicated staff with one goal: to hasten the widespread usage of cryptocurrency as a means of individual autonomy.
The CEO stated:
“Our market environment and business needs have changed significantly over the course of this year. We see that many teams building on ZKsync Era now require a different type of technology and support than they had previously. At the same time, we see a big increase in demand for ZK Chains.”
Reassessing Strategy
Moreover, Matter Labs, which was founded in 2018, has reportedly received $458 million over four funding rounds, as reported by Tracxn. Among Layer 2 Ethereum networks powered by ZK, ZKsync had the greatest seven-day moving average of transactions throughout the majority of the year.
Although this has started to decline in recent months. The Block’s data dashboards show that as of Monday, there are around 92,620 active addresses. Which is a decrease from a high of more than 455,000 in April.
The CEO added:
“We went through a large org planning exercise, and it became clear that the talent and roles we have today do not perfectly match our needs. We then reviewed every single role in the company to make sure that we have the right roles and people in the right place, to remain agile and effective.”
According to Gluchowski, Matter Labs should reassess its strategy, objectives, and team makeup. Especially, in light of the recent launches of ZK Nation and the Elastic Chain.
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Source: https://thenewscrypto.com/zksync-developer-matter-labs-cuts-16-of-workforce-as-strategy-shifts/