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NEAR Protocol Takes Bold Step: Streamlining for Growth Despite 40% Staff Restructuring

Exodus at NEAR: 40% Staff Cut as Protocol Restructures
Exodus at NEAR: 40% Staff Cut as Protocol Restructures

Near Protocol has shaken the cryptosphere. After reaching a high of $376, the once-promising blockchain platform faced a dip, finding support at $287. Now, a new development has ignited both concerns and optimism: a 40% staff reduction as part of a strategic restructuring.

Farewell, But Not Failure:

The Near Foundation, stewards of the protocol, announced a streamlined approach, letting go of 35 employees. This decision, though difficult, aims to enhance impact and effectiveness, leaving behind slow progress for swift action. Marketing, communication, and business development are the primary areas affected.

Financial Fortitude:

Despite the restructuring, Near Foundation’s financial footing remains solid. With over $285 million in fiat, $1 billion+ in NEAR tokens, and an additional $70 million in investments and loans, they pledge support to departing employees in their career transitions.

Industry-Wide Trend:

Near is not alone in its restructuring. Openc and Parity Technologies, fellow crypto giants, have undergone similar staff reductions. This global trend reflects an industry-wide focus on optimizing operations, refining strategies, and delivering on ambitious goals.

Technical Take:

While Near Protocol recently showed upward momentum, caution is advised. Weekly charts hint at a potential sell signal, while daily indicators suggest further upside. Volatility reigns, with support at $292 and potential targets at $555 and $72.

Looking Ahead:

Despite the restructuring, the future of Near Protocol remains bright. Claims of “trouble” online are mere FUD (fear, uncertainty, and doubt) meant to grab clicks. Recent market strength and successful protocol advancements paint a more optimistic picture.

Trading Takeaways:

Remember, the crypto market remains volatile. Practice safe trading, stay informed, and don’t let FUD cloud your judgment. This bold move by Near Foundation could be a crucial step towards achieving their vision, and savvy investors who stay informed could reap the rewards.

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