According to Cointelegraph: In a significant organizational overhaul, blockchain firm Consensys is reducing its workforce by over 20%, impacting 162 employees. As confirmed by Consensys CEO Joe Lubin, this restructuring aims to create a leaner, more adaptable organization to support its mission of decentralization across core business areas.

Addressing Economic Volatility and Enhancing Agility

Lubin explained the motivations behind the restructuring, noting that financial sustainability and operational agility are key factors as the blockchain industry faces economic uncertainties. “We’re transforming into a smaller, more agile organization with a strong focus on long-term sustainability,” he stated.

Known for its popular Ethereum wallet MetaMask, layer-2 protocol Linea, and a host of other Ethereum-based products, Consensys currently employs 828 people. The firm has pledged comprehensive support for those impacted, including generous severance, extended healthcare benefits, and a 36-month extension on stock option exercise periods.

Strategic Focus on MetaMask, Linea, and Infura

Consensys will focus resources more heavily on specific projects like MetaMask, Linea, and Infura, each central to the Ethereum ecosystem. Infura, a critical infrastructure layer supporting MetaMask, is transitioning through the Decentralized Infrastructure Network (DIN), enabling broader blockchain compatibility.

“MetaMask has ambitions to address a wide range of blockchains, including EVM and non-EVM chains, using DIN’s resources,” Lubin noted.

Moving Toward Decentralized Models

In alignment with calls from Ethereum co-founder Vitalik Buterin for greater decentralization in layer-2 networks, Consensys is working to transform its suite of Ethereum products into decentralized protocols over time. This includes products like Truffle, Diligence, Besu, Teku, GNARK, and DIN, which Lubin sees as essential to Consensys’s future growth and resilience.

Responding to the SEC’s Scrutiny of Ethereum Projects

Amid legal challenges from the U.S. Securities and Exchange Commission (SEC), Lubin clarified that these proceedings did not impact the restructuring decision. He emphasized that Consensys’s restructuring plan reflects strategic adjustments unrelated to the ongoing legal battle, despite the SEC’s extensive scrutiny of Ethereum-related projects.

In his outlook, Lubin conveyed optimism: “As more projects embrace decentralization, Consensys remains dedicated to pioneering the space with secure, user-friendly, and scalable solutions.”