Lido Slashes Workforce by 15 Percent
Lido Announces 15% Workforce Reduction for Operational Streamlining and Long-term Resilience
In a move aimed at ensuring sustainable growth and long-term resilience, Ethereum liquid staking protocol Lido has announced a reduction in its workforce by 15%. The layoffs, which were announced by Lido's co-founder, Vasiliy Shapovalov, on platform X on Friday, will affect employees at Lido Labs, Lido Ecosystem, and Lido Alliance.
Established in 2020, Lido allows users to stake ETH while maintaining liquidity. The decision to reduce the workforce is not a response to poor performance but is instead a deliberate commitment to long-term resilience. According to Shapovalov, the cuts are a "difficult decision, but one rooted in long-term resilience."
The layoffs are primarily due to economic reasons, not performance-related. The company aims to streamline its operations and align with the priorities of LDO tokenholders. The move is intended to strengthen Lido's long-term viability and position it for future success in the rapidly evolving blockchain industry.
It's worth noting that the search results do not provide information about the name of the company, besides Lido Labs, where the layoffs due to cuts were made. Despite this, the announcement has sparked a wave of reactions within the blockchain community, with many expressing their support for Lido's strategic decision.
Lido remains committed to its mission of providing a seamless staking experience for Ethereum users. The company will continue to focus on delivering innovative solutions and enhancing the overall user experience. As Lido navigates through these changes, it reaffirms its commitment to transparency, accountability, and the best interests of its users and stakeholders.
