Decisive action marked the end of the year for Kyber Network, a leading decentralised finance (DeFi) protocol, as it slashed its workforce by 50 per cent on December 24th. The move, deemed ‘regrettable but necessary’ by the company, comes amid a bear market gripping the crypto sector and aims to safeguard the firm’s long-term viability.
Kyber Network, known for its frictionless token swaps across diverse blockchains, is not immune to the industry’s headwinds. The job cuts, though painful, are a calculated move to ensure efficient resource allocation and navigate the market downturn. This is further emphasised by the temporary suspension of liquidity protocol initiatives and the KyberAI project, both resource-intensive endeavours.
Despite the retrenchment, Kyber Network remains committed to its core business. The KyberSwap Aggregator and Limit Order functions, the backbone of its token exchange platform, are unaffected. Additionally, the upcoming launch of the Zap API, a development tool simplifying DeFi access, underscores the company’s focus on innovation even during challenging times.
Beyond internal restructuring, Kyber Network is actively addressing the aftermath of a November exploit that affected users. A dedicated Treasury Grants Programme, launched on December 20th, will reimburse impacted customers. Registration for reimbursements opens on January 11th, 2024, with KyberSwap exploit victims receiving 60% of their lost assets.
This series of actions paints a picture of a company prioritising long-term resilience. The workforce reduction, while undoubtedly difficult, is a strategic step to weather the current market climate. Kyber Network’s continued focus on core operations and innovation demonstrates its commitment to emerging stronger from the current downturn.