The Algorand Foundation has laid off 25% of its staff amid prolonged crypto market weakness and macroeconomic uncertainty. The decision, described as "incredibly tough," reflects a strategic realignment with the protocol’s long-term priorities.
Despite the cuts, the Algorand network recorded a 4.7% quarterly increase in transactions and real-world asset (RWA) values surged to $109 million on-chain. The protocol ranks 19th among blockchains for RWA volume, though it remains far behind Ethereum.
Founded by Turing Award winner Silvio Micali in 2019, Algorand’s native token, ALGO, trades at $0.09-down 98% from its 2019 high of $3.56.
The layoffs echo broader industry contractions, including recent cuts at OP Labs, PIP Labs, Gemini, and Block. Yet Algorand continues to list open roles in community management and business development.