Ava Labs Reduces Workforce by 12%
On November 7, blockchain firm Ava Labs confirmed it had laid off 12% of its employees as a strategic move to reallocate resources. The announcement came from founder and CEO, Emin Gün Sirer, following multiple staff announcements on social media about their unexpected departures.
Rebalancing Resources to Support Growth
Gün Sirer stated, “This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the growth of our firm and the Avalanche ecosystem.” He recognised the difficulties in navigating bear markets but emphasized that Ava Labs is well-equipped with a significant runway and abundant resources. With more than 300 employees on board, this unfortunate decision is expected to impact around 40 individuals.
Marketing Team Hit Hard
Many of the layoffs seemed to have affected Ava Labs’ marketing team. Zach Manafort, a former growth marketing team member, announced his dismissal on social media despite having been actively involved in the Avalanche community since 2020. “It looks like my time at Ava Labs has come to its end. Despite the recent layoffs, my time here has been filled with invaluable experiences and growth,” he shared.
Another marketing team member, Brandon Suzuki, also reported his layoff on the same day. The recent spate of layoffs comes just days after the nonfungible token marketplace OpenSea slashed its workforce by 50%.
Job Scene in the Crypto Industry
The crypto market still presents a tough playing field for job seekers. Neil Dundon, the founder of CryptoRecruit, acknowledges that despite a recent uptick in the crypto market capitalization, job openings remain scarce and limited. He believes that the job market will really only pick up if there are more indicators of a bull market.
In contrast, Kevin Gibson and Daniel Adler, founders of Proof of Search and Cryptocurrency Jobs respectively, noticed a slight increase in hiring over recent weeks. Gibson notes that most of these jobs are part-time positions rather than full-time roles.
The Future Looks Bright
Both Gibson and Adler believe that the market is still predominantly in the employers’ favour. Gibson emphasized that companies should seize this opportunity to build their teams, as the situation could change significantly in 2024. Adler echoed this sentiment, “As we’re approaching the end of the year, teams are doing a final hiring push and following through on their hiring plans and roadmap.”
Despite the current volatile market conditions, the crypto industry continues to develop, innovating and creating opportunities along the way.