According to CEO Matt Cutler, Blocknative, a supplier of tools for Ethereum blockchain transactions, recently undertook a restructure that led to a personnel decrease of little over 33%.
The company is “focused on extending our runway so that we have ample opportunity to pursue our Real-Time Observability thesis,” Cutler said in an email.
Blocknative, which was established in 2018, currently employs 24, thus perhaps a dozen individuals are thought to have been impacted, according to Cutler.After raising $5 million in a seed round a year prior, the business raised $12 million in a funding round in July 2021 from Foundry Group, Blockchain Capital Robot Ventures, and others, according to a previous article. In December 2022, Blocknative announced a new $15 million funding round.
“Taken together, these changes extend our runway to well over three years,” Cutler wrote in the email.
The downsizing at Blocknative adds to employment losses in the blockchain sector that have intensified recently as prices for digital assets like bitcoin (BTC) and Ethereum’s ether (ETH) appear to be stagnating, extending the so-called “crypto winter.”It has only been a few weeks since Blocknative declared it would stop providing services linked to its MEV-Boost Relay, a type of program utilized by Ethereum network validators, because the project failed to “materialize” commercially.Blocknative would continue in other fundamental services, according to Cutler at the time.Mempool Explorer, Transaction Simulation, Ethereum Gas Estimator, and Polygon Estimator are among the goods listed on the company’s website.
“Existing services will continue uninterrupted, and receive updates/enhancements,” Cutler stated in an interview on Monday. “New services will be launched before the end of the year.”