Optimism Team Lays Off 20 Employees Amid Ethereum Scaling Shifts, Base Migration Plans

Decrypt03-12 18:21

In brief OP Labs, the core development team behind the Optimism network, is laying off 20 employees. The firm aims to narrow its focus, make faster decisions, and reduce coordinating overhead. The ...

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OP Labs is well capitalized with years of runway,” Wang said in a Slack message to the company that she published on X. “This is about doing fewer things well, making decisions faster, and reducing coordinating overhead.” The firm’s decision comes at a pivotal moment for layer-2 networks. It follows Ethereum co-founder Vitalik Buterin’s February message that insisted the mainnet behind the second-largest crypto asset needed a “new path,” with less reliance on scaling networks. “The original vision of L2s and their role in Ethereum no longer makes sense,” Buterin posted on X at the time. While previously advocating for layer-2 networks as a necessity to help scale the Ethereum ecosystem, Buterin now thinks mainnet, or layer-1 Ethereum, is scaling sufficiently on its own. “L1 does not need L2s to be ‘branded shards,’ because L1 is itself scaling,” he said. Optimism’s open-source technology stack OP Stack, which helps power more than 50 layer-2 networks and secure $13 billion in assets according to its website, is also being dealt a blow in the near future.Last month, the Coinbase-incubated layer-2 network Base announced it would be modifying its technology stack, migrating away from Optimism’s technology in a move that will allow it to ship faster and similarly reduce overhead.The change will mean that a portion of the sequencer revenue that Base generated and shared with Optimism will cease to exist once the migration is complete. A representative for OP Labs told Decrypt the firm had no further comment on the layoffs, pointing to the X post and saying it is focused on \"supporting employees and managing the transition internally.\"The Optimism token (OP) is down around 2.9% in the last 24 hours amid the news, now changing hands around $0.11. The token has not been spared by broader crypto market drawdown in recent months and has fallen around 86% in the last year, now around 98% off its all-time high of $4.84 from early 2024. OP mainnet, the firm’s own Ethereum scaling network, ranks 12th among all networks in terms of bridged total value locked with $1.16 billion, according to data from DeFiLlama.Editor's note: This story was updated after publication to include the response from OP Labs.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2619757154","isCrawlerRequest":true}