Victor Tran, CEO and co-founder of KyberNetwork, announced on platform X that the company will be reducing its workforce. Despite the challenges, including a major security breach on KyberSwap, Tran emphasized the platform’s resilience and continued struggle.
KyberSwap, amidst the difficulties, has maintained its presence and Tran expressed gratitude for its endurance. The platform is focused on enhancing accessibility to decentralized finance (DeFi) liquidity protocols, with ongoing preparations to launch the Zap API.
Tran also highlighted KyberSwap’s commitment to supporting affected users through the KyberSwap Elastic Exploit Treasury Grant Program, nearly fully compensating for their losses.
Acknowledging the need for a sustainable roadmap, KyberSwap has temporarily halted initiatives like the liquidity protocol and the KyberAI project.
As part of a restructuring plan, Tran announced a 50% reduction in the workforce. Additionally, KyberSwap is taking steps to assist departing team members by creating a voluntary database to connect them with potential opportunities in the Web3 space, encouraging major players in the industry to consider these talented individuals for their teams.
Despite a recent incident leading to the theft of approximately $50 million in crypto assets and a subsequent decline in KyberSwap’s total locked value, the platform’s latest announcement about platform X and the innovative Zap API demonstrates its commitment to not only recover but also significantly contribute to the DeFi ecosystem. At the time of writing, the price of Kyber Network Crystal v2 (KNC) had increased by 1.38%, trading at $0.7335, with a 33% increase in trading volume reaching $23 million.