Crypto data platform Dune Analytics has laid off 25% of its staff, CEO Fredrik Haga announced Thursday, as the company pivots its focus towards AI and institutional adoption.
Haga stated the company is now "all-in on two shifts: AI and institutions coming onchain," highlighting the new Dune MCP product that allows users to build dashboards without SQL expertise.
The move follows a March hiring push where 300 candidates were interviewed with "AI fluency" as a non-negotiable requirement. Haga previously stated candidates not actively exploring AI's impact on their domain would not be hired.
Dune joins a trend of crypto companies restructuring for efficiency. Coinbase cut 14% of staff last week, the Algorand Foundation cut 25% in March, and Gemini trimmed 25% in February.
Industry observers note AI is reducing costs at junior levels while allowing smaller teams to operate more efficiently. However, some suggest AI adoption serves as a convenient justification for layoffs necessitated by current market conditions, with companies prioritizing profitability over growth.
Despite the cuts, Haga emphasized Dune remains "well capitalized" and positioned for long-term growth.