Eigen Labs has laid off 25% of its workforce, amounting to 29 employees, Blockworks reported on Tuesday
The layoffs were part of a strategic shift to focus on the development and expansion of its new platform EigenCloud, for which the company raised $70 million in June.
EigenCloud enables the creation of verifiable, trustless applications – both onchain and offchain – by combining traditional cloud programmability with cryptographic, blockchain-grade verifiability.
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“While today’s reorganization is painful, I’m extremely optimistic about our future,” said Eigen Labs CEO Sreeram Kannan.
“Demand for verifiable compute is growing as developers build software for the AI era, and EigenCloud is uniquely positioned to service this market need with a cloud platform backed by billions in stake and thousands of operators around the world.”
Impacted staff will reportedly receive accelerated token vesting, three months of base pay, and career support.
EigenLayer’s native token EIGEN rose nearly 10% after the news to an intraday high of $1.17. The token has rallied significantly since its all-time low of $0.66 three months ago, but is still trading 80% lower than its record high of $5.65 in December
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