The NEAR Foundation will reduce its team members by about 40%, involving 35 employees

ChainCatcher message, the NEAR Foundation has released the latest updates. The NEAR Foundation Council (NFC) has conducted a thorough review of the Foundation's activities. As part of this restructuring, the NEAR Foundation will reduce its team members by approximately 40%, involving 35 employees, primarily from the marketing, business development, and community teams. Pagoda's NEAR protocol engineering team will continue to operate as usual.

The financial status of the NEAR Foundation remains strong and well-managed, with over $285 million in fiat currency, 30.5 million NEAR (worth over $1 billion), and $70 million in investments and loans. The Foundation is capable of continuing to support the ongoing growth, development, and further decentralization of the NEAR protocol and ecosystem.