OP Labs, the developer supporting the Ethereum layer2 scaling network Optimism, carried out an internal restructuring to strengthen its strategic focus, CoinDesk reported on Wednesday.
OP Labs CEO Jing Wang (징 왕) said on X that the company cut 20 employees.
Wang said the move was not due to financial problems. "OP Labs has sufficient capital, and this decision is aimed at delivering optimal results even if we do less," he said. The company made the decision after internal discussions, notified employees first and then announced it externally.
OP Labs is developing layer2 technology that processes transactions off the Ethereum main chain to increase speed and reduce fees. Several blockchain projects, including Coinbase Base, Uniswap Unichain and Sony's Soneium, are using OP Labs' technology stack.
OP Labs plans to streamline decision-making and further strengthen core development capabilities through the reorganisation. OP token fell about 3 percent in the 24 hours after the layoff announcement.
Chi-gyu Hwang
delight@d-today.co.kr