Ethereum scaling project MegaETH slashes staff by 20% as it pursues AI business
Decentralized Finance total value locked on MegaETH dropped significantly from over $245 million to $8.8 million.
MegaETH co-founder Shuyao Kong announced that the company has reduced its workforce by 20% as part of a restructuring effort. The organization behind the Ethereum layer-2 network MegaETH is shifting its focus towards developing AI products. Kong stated that the restructuring affected employees involved in building the project's blockchain, wallet, and ecosystem.
However, she did not disclose the number of staff affected or the exact timing of the layoffs. Kong emphasized that the founders, early employees, and core engineering team remain committed to the organization. The company has allocated $30 million for AI initiatives and plans to launch a public inference market in December.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- MegaETH parent cuts 20% of staff amid restructuring, AI push cointelegraph.com
