- The Algorand Foundation has cut 25% of its workforce, citing the crypto market downturn and macroeconomic uncertainty.
- Despite the layoffs, the foundation states it remains focused on its mission and the Algorand network, which saw 4.7% transaction growth last quarter.
- The ALGO token trades around $0.09, nearly 98% below its 2019 all-time high of $3.56.
- The cuts are part of a wider industry trend, with recent layoffs at OP Labs, PIP Labs, Block, and Gemini.
The organization behind the layer-1 blockchain Algorand laid off a quarter of its staff on March 18, 2026, blaming the prolonged crypto slump. “This decision was not taken lightly and is in response to the uncertain global macro environment as well as the broader downturn in crypto markets,” the foundation posted on X. It did not specify the number of employees affected.
However, the foundation claims the move creates a more sustainable alignment of resources with long-term goals. Consequently, it says it remains dedicated to developing the Algorand protocol and ecosystem.
The network’s native ALGO token trades near $0.09, a steep fall from its peak of $3.56 in 2019. Meanwhile, the network’s Q4 transparency report shows quarterly transaction growth of 4.7%. Real-world asset (RWA) values on the chain also grew, reaching $109 million.
Current RWA.xyz data ranks Algorand 19th among blockchains for RWA value, at $83 million. This industry-wide trend follows similar staff reductions at other crypto firms last week.
OP Labs cut 20 employees, while PIP Labs parted with 10% of its workforce. These announcements came after Gemini laid off around 25% of its staff and Block cut 4,000 jobs in February.
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