Due to an unpredictable global macroeconomic climate and the widespread decline across cryptocurrency markets, the Algorand Foundation has reached a profoundly challenging conclusion today. We are decreasing our total workforce by 25%. Reaching this outcome was incredibly difficult, as the departing staff members have been top-tier contributors to both the Foundation and our wider ecosystem. We want to express our deepest gratitude for their dedication, and we stand fully ready to assist these talented individuals as they navigate this career transition.

By taking these steps, we feel confident that the resources of the Algorand Foundation are now sustainably aligned with the long-term technology, business, and ecosystem objectives of the protocol. As we move forward, our organization remains completely dedicated to our core mission of financial empowerment. We will continue to drive the ongoing advancement and expansion of the Algorand protocol, network, and ecosystem.