Avalanche

Aloha

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 <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 Avalanche 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) November 7, 2023
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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 LinkedIn data, the layoffs have affected approximately 40 individuals.</p>
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 <p>Garrison Yang, Ava Labs’ Vice President of Growth and Strategy, suggested that the marketing department bore the brunt of the <a rel="noopener noreferrer nofollow" title="staff" href="https://thebittimes.com/tag/staff.html">staff</a> 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 @AvaLabs 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) November 6, 2023
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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 @AvaLabs this morning. If anyone has resources for web3 marketers, please let me know!</p>— Brandon Suzuki (@BrandonSuzuki_) November 6, 2023
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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” <a rel="noopener noreferrer nofollow" title="effort" href="https://thebittimes.com/tag/effort.html">effort</a>, which led to the dismissal of about 50% of its <a rel="noopener noreferrer nofollow" title="staff" href="https://thebittimes.com/tag/staff.html">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 announced cutbacks last month. The company is now channeling its <a rel="noopener noreferrer nofollow" title="efforts" href="https://thebittimes.com/tag/efforts.html">efforts</a> 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 $50 million initiative for such developments earlier this year.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ava-labs-axes-12-of-staff-to-redirect-efforts-towards-expansion-tbt69369.html">https://thebittimes.com/ava-labs-axes-12-of-staff-to-redirect-efforts-towards-expansion-tbt69369.html</a></p>

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

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