zkSync Developer Matter Labs Announces Layoffs of 16% of Staff

zkSync Developer Matter Labs Announces Layoffs of 16% of Staff

zkSync Developer Matter Labs Announces Layoffs of 16% of Staff On-chain data analytics provider Blockworks reported that Matter Labs, the developer of the zkSync Network, has announced layoffs of 16% of its staff, affecting 24 employees. The layoffs are part of an organizational restructuring to streamline the company's operations and optimize its resources. Impact on zkSync Development The layoffs are expected to have a limited impact on the development of the zkSync Network. The company stated that the affected roles were primarily in non-core areas, and that the core development team remains intact. zkSync 3.0 development is still ongoing, and the team is committed to its launch later this year. Industry Context The layoffs at Matter Labs come amidst a broader downturn in the crypto industry. Several other crypto companies, including Coinbase, Gemini, and Crypto.com, have also announced layoffs in recent months. This is partly attributed to the decline in cryptocurrency prices and the broader economic slowdown. Despite the challenges, Matter Labs remains optimistic about the long-term growth of the zkSync Network. The company believes that its Layer 2 scaling solution has the potential to transform the Ethereum ecosystem by providing faster, cheaper, and more secure transactions.