Monat: Oktober 2023

• Yuga Labs restructures to prioritize “Otherside,” its metaverse project.
• CEO Alegre highlights the importance of Otherside in Yuga Labs’ strategy.
• The restructuring aims to secure Yuga Labs’ long-term success, focusing on employee welfare.

In a strategic move to adapt to the rapidly evolving landscape of non-fungible tokens (NFTs) and the metaverse, Yuga Labs, the creative force behind the widely popular Bored Ape Yacht Club (BAYC) NFTs, has successfully completed a comprehensive restructuring.

The company, led by CEO Daniel Alegre, is now gearing up to concentrate its efforts on the development of its metaverse project known as “Otherside.”

Prioritizing Otherside

Yuga Labs’ restructuring initiative, initiated in early October and officially confirmed on October 17, seeks to ensure the company’s longevity and relevance in the dynamic NFT industry. Under Alegre’s leadership, the company aims to refocus its teams and resources on the ambitious venture that is “Otherside.”

I want to address some of the feedback the company and I have been receiving from many of you recently.
I respect the relevant, pointed feedback as I know it comes from a place of wanting to see improvements in our Yuga communities.

First, I will start with sharing some advice…

— Daniel Alegre (@dalegre) October 18, 2023

Creating an “immersive metaverse” platform, as described by Alegre, is a challenging endeavour that demands both technical and creative ingenuity. However, the Yuga Labs team is committed to the vision of Otherside. Alegre expressed his confidence in this metaverse project, stating, “Otherside is a very important bet for Yuga,” and that making it a centrepiece of their metaverse strategy was an obvious decision.

A coordinated restructuring effort and employee welfare

Yuga Labs co-founder Greg Solano initially disclosed the company’s restructuring on October 6, indicating that changes were necessary to ensure the company’s future success.

I’m sure many of you have seen the news that Yuga is undergoing a restructure today. Shit day obviously. Hurts to part ways with team members who have been in the trenches with us. But we needed to make some changes to the company in order to make sure we’re set up for longterm… https://t.co/RF0QGydqze

— Garga.eth (Greg Solano) (@CryptoGarga) October 6, 2023

While the specific number of employees affected by the restructuring was not disclosed, Solano emphasized that Yuga Labs continues to operate with over 120 employees, focusing on its defined priorities.

In the midst of this transformation, Yuga Labs is actively addressing the well-being of departing team members. The company is providing a comprehensive transition package that includes generous severance, healthcare coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), and assistance in finding new job opportunities. Alegre reiterated his commitment to treating those leaving the company with the respect and gratitude they deserve.

This strategic shift within Yuga Labs is not only reflective of the challenges in the NFT industry but also aligns with the broader trends in the metaverse space. As the company forges ahead with Otherside, its impact on the rapidly evolving metaverse landscape remains to be seen, making it a development of significant interest within the NFT and blockchain community.

The post Yuga Labs shifts focus to metaverse project “Otherside” after restructuring appeared first on CoinJournal.

• Lido DAO sunsets Solana project due to financial issues, backed by 92% community vote.
• P2P team considered $1.5M funding or Solana exit due to $484,000 losses.
• Solana staking to be halted by February 2024.

In a decisive move, Lido DAO has chosen to sunset the Lido on Solana project, following a resounding community vote in favour of this course of action. The decision has been attributed to the project’s financial constraints, leaving it unsustainable.

Following the move, the value of the LDO token, Lido DAO’s native cryptocurrency, has dropped by almost 4% in the past few hours.

Sunsetting Lido on Solana

The Lido on Solana project will undergo a phased sunset process over the coming months. Notably, stSOL token holders will have until February 2024 to unstake their assets through the Lido on the Solana frontend.

This decision was reached after extensive deliberations and a community vote, with over 92% of Lido token holders endorsing the sunsetting of the Lido on Solana protocol. The alternative option, which garnered just over 7% support, involved providing additional funding to the project.

Financial considerations

The P2P validator team, responsible for Lido on Solana, presented two scenarios to the community. The first scenario was to infuse $1.5 million in funding to sustain the project, while the second was to exit the Solana blockchain.

The financial details revealed that the team invested approximately $700,000 into development and support, but their revenue amounted to only $220,000, resulting in a significant loss of $484,000. Should the community have chosen the sunsetting option, the P2P team would have relied on $20,000 per month in support from Lido DAO for technical maintenance over a period of five months, commencing from September 4, 2023.

The decision to wind down the Lido on Solana project, despite strong relationships across the Solana ecosystem, was deemed necessary for the broader success of the Lido protocol ecosystem.

This isn’t the first instance of Lido discontinuing its liquid staking solutions. Prior to this, Lido had already ceased liquid staking operations on Kusama and Polkadot. 

The sunsetting process on Solana will include an immediate halt to staking, voluntary off-boarding for node operators beginning on November 17, 2023, and a final date for stSOL token holders to unstake by February 4, 2024, via the Command Line Interface (CLI).

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