Jamie Crawley is a CoinDesk news reporter based in London.
"We went through a large org planning exercise, and it became clear that the talent and roles we have today do not perfectly match our needs," CEO Alex Gluchowski wrote.Matter Labs, the main developer behind the Ethereum layer-2 protocol ZKsync, laid off 16% of its employees as part of a restructuring to adapt to"the different type of technology and support" developers building on system now require, CEO Alex Gluchowski said in a post on X.
"We went through a large org planning exercise, and it became clear that the talent and roles we have today do not perfectly match our needs," Gluchowski wrote in his Tuesday post. Matter Labs may have as many as 200 employeesThe proliferation of layer 2s may indicate that the sector needs to be reframed and looked at through a use case-specific lens, Gluchowski suggested in a recent interview with CoinDesk.
The protocol's ZKSync token has dropped 3.14% in the past 24 hours according to CoinGecko, while ether fell 2.9%. The broader market, as measured by CoinDesk 20 Index , declined 1.5%. ZK has lost about 64% of its value since its June debut.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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