Eigen Labs Sends Home 25% of Its Employees to Focus on a16z-backed EigenCloud

Eigen Labs, the blockchain company behind the EigenLayer (EIGEN) protocol that pioneered the crypto restaking feature on the Ethereum (ETH) network, has sent home 29 employees, which represents 25 percent of its workforce. The company made the strategic move to reorient and shift its focus to the research and development of EigenCloud.

According to Sreeram Kannan, CEO of Eigen Labs, the impacted employees will be financially assisted to transition their careers. Moreover, the company raised more funds from a16z to restructure its business operations.