Algorand Foundation Reduces Staff by 25%, Restructures Amid Crypto Market Downturn

Algorand has reduced its staff by 25% to align with its long-term strategy amid a prolonged crypto market downturn. The Algorand Foundation, which manages the development and expansion of the Algorand blockchain, made the decision to better match its resources with the protocol's interests. Algorand's native token ALGO fell over 6% and remains down 97% from its all-time high. The company's roadmap includes Project King Safety, aimed at achieving long-term economic sustainability.