Ava Labs, the team behind the Avalanche blockchain, recently made the decision to lay off 12% of its employees in a move to reallocate its resources. The news was confirmed by Ava Labs’ founder and CEO, Emin Gün Sirer, after several former employees took to social media to share that they had been let go.
Gün Sirer stated that this reduction in force allowed the company to focus on the growth of the firm and the Avalanche ecosystem. While bear markets can be challenging, Ava Labs remains well-positioned with significant runway and resources at its disposal.
LinkedIn data shows that Ava Labs currently has 335 employees, suggesting that approximately 40 people were impacted by the layoffs. Garrison Yang, the vice president of growth and strategy at Ava Labs, hinted that many of the layoff notices were given to employees in the marketing team.
One of the affected employees, Zach Manafort, who was a former member of the game growth marketing team, shared his departure on social media. Despite being active in the Avalanche community since 2020, he was let go. Another former marketing team member, Brandon Suzuki, also confirmed his layoff on social media.
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The layoffs came as a surprise to Manafort, who believed that things were just beginning for the company. These recent layoffs at Ava Labs happened only a few days after non-fungible token marketplace OpenSea announced a 50% staff cut on November 3.
According to Neil Dundon, founder of CryptoRecruit, job openings in the crypto industry are still relatively scarce, even with the recent uptick in crypto market capitalization. Dundon mentioned that the crypto market is still tough, with limited funds and dried-up venture capital.
Dundon believes that there need to be more signs pointing to a bull market before there will be a significant increase in hiring within the industry. He suggests that this behavior is consistent with previous market cycles.
On the other hand, Kevin Gibson, founder of Proof of Search, and Daniel Adler, founder of Cryptocurrency Jobs, have observed a slight increase in hiring over the last few weeks. Gibson attributes this to cryptocurrency firms wanting to secure top talent before market conditions improve in 2024.
Gibson advises companies to take advantage of the current employer’s market to continue building their teams. He predicts a significant shift in the job market dynamics in 2024.
Adler shares a similar sentiment, stating that many teams are pushing to complete their hiring plans and roadmap as the year comes to an end. This hiring push indicates the optimism and growth potential in the crypto industry.
Overall, despite the layoffs at Ava Labs and the challenges of the current market, there are some positive signs of increased hiring within the crypto industry. Companies are taking advantage of the current situation to strengthen their teams and prepare for future growth.
