Eigen Labs lays off employees to focus on EigenCloud growth, EIGEN rallies
2025-07-09 10:48:02
Main Idea
Eigen Labs has laid off 25% of its workforce to focus on the growth of EigenCloud, its new developer platform, while its native token EIGEN shows bullish performance.
Key Points
1. Eigen Labs reduced its workforce by 25%, cutting 29 employees, to prioritize EigenCloud development.
2. The company has raised $220 million in funding, including a $50 million Series A round in 2023 and $70 million from A16z during EigenCloud's launch.
3. CEO Sreeram Kannan stated the reorganization was necessary to meet growing demand for verifiable computing in the AI era.
4. Impacted employees will receive accelerated token vesting, a 3-month base salary, and career support.
5. EigenCloud aims to support advanced decentralized applications (dApps) as blockchain and AI technologies converge.
6. EIGEN's price rose over 4% in 24 hours, with trading volume increasing by 60% following the layoff news.
Description
Cryptocurrencies performed well on Wednesday, with Bitcoin steady despite the new tariff wave . Eigen Labs’ native token has turned bullish amidst the optimism, possibly driven by the latest ecosystem announcement. According to Blockworks , EigenLayer’s team has reduced its workforce by laying off roughly 25% of the staff, 29 employees. The move is part of a strategic plan to streamline operations and ensure laser focus on the new developer platform, EigenCloud. Meanwhile, this comes after the c...
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