MegaETH Announces 20% Staff Reduction Amid AI Expansion
MegaETH, the organization behind the Ethereum layer-2 network, has reduced its workforce by 20% as it shifts focus toward artificial intelligence products, according to a statement from co-founder Shuyao Kong.
MegaETH co-founder Shuyao Kong stated that the restructuring affected employees who contributed to the project’s blockchain, wallet, ecosystem support, and communications (source ID: 1). The organization, MEGA, has undergone a reorganization of its teams, resulting in a 20% reduction in staff. Kong did not specify the number of employees impacted or the timeline for the layoffs. She emphasized that the founders, early employees, and core engineering team remain committed to the organization. [1]
The workforce reduction is occurring as MEGA shifts its focus toward developing products on the MegaETH network, including artificial intelligence services (source ID: 1). The organization has allocated $30 million to this initiative, although Kong did not directly link the layoffs to the new strategy. The restructuring follows months of planning and is part of the company's broader effort to expand into AI-related products. [1]
In a whitepaper, MegaETH co-founders Yilong Li and Lei Yang outlined a proposed inference market aimed at giving users access to competing AI service providers (source ID: 1). Kong stated that MEGA plans to launch a public inference market in December, signaling the organization’s intent to enter the AI space with a decentralized approach. This move aligns with the company’s stated goal of creating a competitive and transparent AI ecosystem. [1]
MEGA, the organization behind the Ethereum layer-2 network MegaETH, has reduced its workforce by 20% following months of restructuring as it expands into artificial intelligence products (source ID: 1). The restructuring has affected employees who worked on the project’s blockchain, wallet, ecosystem support, and communications (source ID: 1). MegaETH co-founder Shuyao Kong stated that the reorganization involved new capabilities and team adjustments, resulting in the departures of staff who helped build MEGA from its earliest days (source ID: 1). [1]
Advertisement
The workforce reduction is occurring as MEGA shifts its focus toward developing products on the MegaETH network, including artificial intelligence services (source ID: 1). The organization has committed $30 million to the initiative, although Kong did not directly link the layoffs to its new strategy (source ID: 1). MegaETH co-founders Yilong Li and Lei Yang outlined a proposed inference market in a whitepaper, aiming to give users access to competing AI service providers (source ID: 1). [1]
Kong said MEGA plans to launch a public inference market in December (source ID: 1). The proposed inference market seeks to address concerns about whether providers use the advertised models and how they handle customer data (source ID: 1). MEGA’s founders, early employees, and core engineering team remain committed to the organization despite the restructuring (source ID: 1). [1]
MEGA, the organization behind the Ethereum layer-2 network MegaETH, has reduced its workforce by 20% following months of restructuring as it expands into artificial intelligence products (source ID: 1). The workforce reduction is occurring as MEGA shifts its focus toward developing products on the MegaETH network, including artificial intelligence services (source ID: 1). [1]
MegaETH co-founder Shuyao Kong said the restructuring affected employees who helped build the project’s blockchain, wallet, and ecosystem (source ID: 1). Kong did not disclose the number of employees affected or when the layoffs occurred. She said MEGA’s founders, early employees, and core engineering team remain committed to the organization (source ID: 1). [1]
Advertisement
Kong said MEGA plans to launch a public inference market in December (source ID: 1). In a whitepaper, MegaETH co-founders Yilong Li and Lei Yang outlined a proposed inference market aimed at giving users access to competing AI service providers (source ID: 1). [1]
MEGA, the organization behind the Ethereum layer-2 network MegaETH, has reduced its workforce by 20% following months of restructuring as it expands into artificial intelligence products (source ID: 1). On Friday, MegaETH co-founder Shuyao Kong said the organization had reorganized its teams, resulting in the departures of staff who worked on its blockchain, wallet, ecosystem support and communications (source ID: 1). Kong did not disclose the number of employees affected or when the layoffs occurred (source ID: 1). [1]
The workforce reduction comes as MEGA shifts its focus toward developing products on the MegaETH network, including artificial intelligence services (source ID: 1). The organization has committed $30 million to the initiative, although Kong did not directly link the layoffs to its new strategy (source ID: 1). [1]
In a whitepaper, MegaETH co-founders Yilong Li and Lei Yang outlined a proposed inference market aimed at giving users access to competing AI service providers (source ID: 1). Their approach seeks to address concerns about whether providers use the advertised models and how they handle customer data (source ID: 1). [1]
Advertisement
The Cali Reporter newsletter
The stories worth your time.
California, the country, and what comes next. Join our free newsletter for reporting that keeps you informed.
More in Business
- Nvidia CEO Resignation Sparks Market Volatility
The sudden resignation of Nvidia CEO Jensen Huang has triggered significant market reactions, with both the company’s stock and Bitcoin experiencing notable declines.
- Nvidia CEO Resignation Highlights Leadership and Governance Challenges
The resignation of Jensen Huang, CEO of Nvidia, has sparked discussions about corporate governance and leadership development, with insights from McKinsey's global managing partner, Bob Sternfels.
- Unocoin Suspends Services Amid Security Probe
Unocoin, an Indian cryptocurrency exchange, has suspended deposits and withdrawals following the detection of unauthorized activity and a potential breach of its systems.