On November 6th, Ava Labs CEO Emin Gun Sirer announced a 12% reduction in staff. Even though Ava Labs has expanded from its start-up size, it still strives to be a "nimble team." The downsizing will enable resource reallocation toward Ava Labs' expansion. According to the company, this will allow them to nurture the Avalanche ecosystem through the tough bear markets.
Significant layoffs occurred in Ava Labs' marketing department, as confirmed on November 7th by Garrison Yang, vice president of growth and strategy for the company. The head of Gaming Growth Marketing left the company not too long ago, too.
Ava Labs is just one of the crypto companies undergoing layoffs. While top NFT marketplace OpenSea said goodbye to nearly half of its team last week, crypto analytics company Chainalysis recently let go of 15% of its workforce to control costs in the volatile industry. According to CEO Devin Finzer, OpenSea's reorganization is a component of their plan to introduce a more sophisticated marketplace version.
These layoffs highlight how difficult it is to navigate the unstable cryptocurrency landscape and how important it is to make calculated adjustments to survive and expand.
