Eclipse Labs, a Layer 2 developer, announced significant leadership changes and layoffs affecting 65% of its workforce as part of its new strategy.
Leadership Change at Eclipse Labs
Sydney Huang, also known as 0xSydney, has been promoted from product lead to CEO. The outgoing CEO, Vijay Chetty, known as Litquidity, stepped down voluntarily.
Focus on Application Development
With the shift towards a new strategy, Eclipse Labs plans to focus on developing user applications, stating, "Going forward, we’ll prioritize building a breakout application on top of Eclipse’s L2 infrastructure."
Context of Layoffs in the Crypto Industry
The layoffs at Eclipse Labs come amid recent updates from other cryptocurrency firms, such as Coinbase, where CEO Brian Armstrong fired engineers who resisted adopting AI coding tools.
The overall changes at Eclipse Labs highlight the industry's shift towards focusing on application development and optimizing resources in a rapidly changing market.
