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KyberNetwork’s CEO and co-founder Victor Tran made an announcement on the X platform. According to the statement, there will be a reduction in the workforce. However, Tran also tried to take a positive perspective, adding that despite the challenging period following a major security exploit, the platform continues its struggle.
KyberSwap Layoffs
KyberSwap CEO Victor Tran acknowledged the recent difficulties. He expressed gratitude for KyberSwap’s resilience and continued existence amidst the significant exploit.
Despite all the difficulties, there is a known focus on an initiative to increase accessibility to decentralized finance (DeFi) liquidity protocols. Preparations for launching the Zap API are also ongoing.
Meanwhile, Tran drew attention to another matter. He emphasized KyberSwap’s commitment to supporting affected users as an extension of the KyberSwap Elastic Exploit Treasury Grant Program, covering nearly 100% of the losses. This was a consequence of the exploit.
While acknowledging the need for a sustainable roadmap, KyberSwap announced the temporary suspension of its liquidity protocol initiatives and the KyberAI project.
In addition, as part of the restructuring of resources, KyberSwap CEO announced a 50% reduction in the workforce.
Furthermore, the company took a step to assist departing team members by deciding to create a volunteer database to connect them with potential opportunities in the Web3 space. Tran aims to encourage major players in Web3 to consider these talented individuals for their teams.
Overcoming Challenges and Looking to the Future
Following last month’s incidents, approximately 50 million dollars in crypto assets were stolen. As a result, there was a decline in KyberSwap’s total locked value.
Despite the setback, the recent announcement regarding the X platform and the innovative Zap API shows KyberSwap’s commitment not only to recover but also to significantly contribute to the DeFi ecosystem.
Meanwhile, as of the time of writing, Kyber Network Crystal v2 (KNC) price has increased by 1.38% and is trading at $0.7335. During this time, the trading volume increased by 33%, exceeding 23 million dollars. Notably, the KNC price gained just under 1% in the last 30 days, while it saw a loss of about 1.5% over the past week.
