Avalanche

<p class="is-style-lead">Ava Labs, the team developing the Avalanche blockchain, has announced a 12% reduction in its workforce, attributing the decision to strategically reallocating its resources.</p> 
<p>The firm’s CEO and founder, Emin Gün Sirer, confirmed the layoffs on Nov. 7, following announcements by several former employees on X that they had been laid off.</p> 
<p>The move, according to Sirer, is a strategic reallocation of resources aimed at bolstering the growth of both Ava Labs and the broader <a href="https://crypto.news/price/avalanche/" data-type="link" data-id="https://crypto.news/price/avalanche/">Avalanche</a> ecosystem.</p> 
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   <p lang="en" dir="ltr">Today we parted ways with some of our Ava Labs team members. We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team.<br><br>This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the…</p>— Emin Gün Sirer🔺 (@el33th4xor) <a href="https://twitter.com/el33th4xor/status/1721684964389900415?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 7, 2023</a>
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<p>Gün Sirer acknowledged the challenges presented by bear markets, yet he reiterated that Ava Labs is in a strong position, equipped with ample runway and resources.</p> 
<p>With a workforce previously numbering 335, as per <a href="https://www.linkedin.com/company/avalabsofficial/people/" target="_blank" rel="noopener">LinkedIn </a>data, the layoffs have affected approximately 40 individuals.</p> 
<p> You might also like: <a href="https://crypto.news/defamation-suit-awards-3m-to-ava-labs-co-founder/"> Defamation suit awards $3m to Ava Labs co-founder </a> </p> 
<p>Garrison Yang, Ava Labs’ Vice President of Growth and Strategy, <a href="https://twitter.com/0xHushky/status/1721638366788325457" target="_blank" rel="noopener">suggested</a> that the marketing department bore the brunt of the staff reductions.</p> 
<p>Among those affected was Zach Manafort, a former member of the game growth marketing team, who had been actively involved with the Avalanche community since 2020.</p> 
<p>In an Oct. 6 post on X, Manafort expressed his surprise at the layoffs, having believed that the company was on the cusp of a new phase of growth.</p> 
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   <p lang="en" dir="ltr">It looks like my time at <a href="https://twitter.com/AvaLabs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AvaLabs</a> has come to its end. Despite the recent layoffs, my time here has been filled with invaluable experiences and growth.<br><br>As I transition forward, I am open to explore opportunities in marketing or operations. <br><br>My passion for these fields combined…</p>— Trading Aloha 🔺 (@TradingAloha) <a href="https://twitter.com/TradingAloha/status/1721621874504024162?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 6, 2023</a>
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<p>Brandon Suzuki, another former member of the marketing team at Ava Labs, also acknowledged that he had been part of the layoffs on Oct. 6.</p> 
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   <p lang="en" dir="ltr">Unfortuantely, I was let go from <a href="https://twitter.com/AvaLabs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@AvaLabs</a> this morning. If anyone has resources for web3 marketers, please let me know! 😃</p>— Brandon Suzuki (follow to DM!) (@BrandonSuzuki_) <a href="https://twitter.com/BrandonSuzuki_/status/1721605645747839355?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 6, 2023</a>
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<h2 class="wp-block-heading" id="previous-layoffs-in-the-crypto-space">Previous layoffs in the crypto space</h2> 
<p>Despite a significant rally in the crypto markets this year, not all is well for cryptocurrency companies, which still face challenging liquidity constraints.</p> 
<p>On Nov. 3, the NFT marketplace OpenSea also engaged in a similar “restructuring” effort, which led to the dismissal of about <a href="https://crypto.news/opensea-ceo-announces-layoffs-for-half-of-workforce/">50% of its staff</a>. This is a significant shift from less than two years prior when OpenSea secured a formidable $13.3 billion valuation after a Series C funding round.</p> 
<p>Yuga Labs, known for the Bored Ape Yacht Club (BAYC) NFTs, similarly <a href="https://crypto.news/yuga-labs-restructuring-leads-to-layoffs-at-the-company/">announced </a>cutbacks last month. The company is now channeling its efforts into Otherside, a gamified metaverse project that combines gaming, entertainment, and social interaction under the strategic direction of Eric Reid and his team.</p> 
<p>Ava Labs has also been actively pursuing tokenized projects, having declared a <a href="https://www.avax.network/blog/avalanche-foundation-vista-asset-tokenization" target="_blank" rel="noopener">$50 million</a> initiative for such developments earlier this year.</p> 
<p> Read more: <a href="https://crypto.news/parity-employee-confirms-mass-layoffs-after-rumors-initially-denied/"> Parity employee confirms mass layoffs after rumors initially denied </a> </p>

Ava Labs axes 12% of staff to redirect efforts towards expansion

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