Eigen Labs, the principal development team for the Ethereum restaking initiative, EigenLayer, has reportedly made the decision to let around a quarter of its staff go in an effort to pivot their attention towards their EigenCloud project.
According to a report by Blockworks, Eigen Labs has confirmed the dismissal of 29 team members, which constitutes approximately 25% of their workforce. The news was shared earlier this week.
Eigen Labs CEO, Sreeram Kannan, revealed the organization’s restructuring plan on Tuesday via a post on X. This included streamlining their operations and devoting their resources to the expansion of EigenCloud. Regrettably, this meant parting ways with some remarkable colleagues who have added immense value to the project.
This decision follows hot on the heels of a16z crypto’s acquisition of an additional $70 million of EIGEN tokens to back the launch of EigenCloud last month. EigenCloud is an integrated platform that combines key services such as EigenDA for data, EigenVerify for dispute resolution, and EigenCompute for execution. The platform is designed to enable developers to build trustworthy Web2 applications with blockchain-level verification, as per the team.
“Despite the hardship of these changes, they enhance our company’s focus and ensure our teams are structured to consistently chase a single, lofty objective: to develop the world’s premier verifiable cloud platform,” Kannan opined.
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