According to a recent announcement, Lido, a leader in liquid staking, has announced a 15% workforce reduction. This decision has sparked discussions on social platforms, where support for laid-off employees was expressed.
Staff Reductions at Lido
Co-founder of the Ethereum staking protocol Lido, Vasiliy Shapovalov, shared this on the X platform. He noted that this is the first staff cut since the protocol's establishment in 2020.
Reasoning and Implications
Shapovalov stated, "This decision was about costs — not performance." He added that such a cut, while seemingly unusual amid a market upswing, reflects a commitment to sustainable growth and operational focus.
Current Market Position of Lido
As of now, Lido faces no competition regarding the Total Value Locked (TVL), which exceeds $31 billion. According to recent data, Lido also leads in Liquid Staking Tokens (LSTs), holding 8.9 million in staked Ether.
Despite the staff reductions, Lido maintains a strong position in the market, showcasing ongoing development and growth.
