we're making @blocks smaller today. here's my note to the company.
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today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone.
first off, if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you're being asked to leave, entering consultation, or asked to stay.
we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly.
i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures.
a decision at this scale carries risk. but so does standing still. we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we've built in flexibility to account for that, and do the right thing for our customers.
we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold.
to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that's a fact that i'll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward.
to those staying…i made this decision, and i'll own it. what i'm asking of you is to build with me. we're going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we're going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that's what i'm focused on now. expect a note from me tomorrow.
jack
It's governance time 🏛️
Join us Monday for a crucial discussion of KIP-138: The proposed acquisition of Kwenta by @synthetix
📅 Monday @ 11:00 UTC
📍 Discord: https://t.co/QrICC9SC3u
We encourage all community members to share their thoughts on this significant proposal
The wait is over! @synthetix V3 has hit @arbitrum, and it's only on Kwenta.
Dive into an onchain trading revolution with unbeatable flexibility, low fees, and multicollateral margins.
Full scoop in the 📚 Blog: https://t.co/9n6S4o5kVG
Highlights in our thread 🧵 👇
The wait is over! @synthetix V3 has hit @arbitrum, and it's only on Kwenta.
Dive into an onchain trading revolution with unbeatable flexibility, low fees, and multicollateral margins.
Full scoop in the 📚 Blog: https://t.co/9n6S4o5kVG
Highlights in our thread 🧵 👇
Kwenta's vision for a cutting-edge perps marketplace takes shape in the @Arbitrum ecosystem
With proposals like integrating @GMX_IO and @gains_trade, we're expanding trading options and liquidity
See how we're redefining onchain perps trading: 👇
https://t.co/2nCDCFdA51
Kwencats, assemble!
The $KWENTA token is live on @arbitrum via @CamelotDEX!
👉 https://t.co/67SmVE7PJJ
To bridge, check out @CelerNetwork
👉 https://t.co/JPKjRA9E2W
⚠️ No changes to $KWENTA staking at this time, but if LP is your game, get ready!
Stay tuned for LP incentives.
Thrilled to announce four new entries to our perp market lineup:
• $PENDLE
• $JUP
• $CVX
> Keep an eye out for $STRK, arriving later this week!
Drop us a comment below with what you'd like to see next! 👇 👇
https://t.co/IyqFtsm6Ul
As we kick off our the VeBetterDAO ecosystem, we’re also kicking off a new version of our official website:
🔗 https://t.co/6QYquSK8ko
Find VeBetterDAO, resources, tools, platforms, grants easier than ever.
Swap your $B3TR for $VOT3 and join us is testing dApps & the VeBetterDAO testnet!
Then, build your dApps and join our platform!
#VeChain $VET
We're incredibly excited to announce the launch of our new #sustainability platform - VeBetterDAO - alongside two new tokens $B3TR and $VOT3!
VeBetterDAO is built to become the enabler of a cross-industry sustainability dApp ecosystem, driving adoption of Web3 tech across enterprise and individuals with our X-2-Earn strategy.
Engage, Earn, Prosper.
VeBetterDAO is the evolution of our Web3 for Better whitepaper, launched last year in collaboration with Boston Consulting Group, and sees #VeChain begin a new phase in driving the mass adoption of blockchain technology.
To kick off the Testnet launch of VeBetterDAO, we're launching a series of airdrop campaigns to get $B3TR tokens in your hands, allow you to engage with the platform and join our new journey (all earned tokens will be translated to mainnet 1:1)!
Check out the new website, platform and get familiar: https://t.co/cJNpjG6JGl
Read how to get involved with the airdrop campaign:
https://t.co/JTovBCuuBC
$VET
Tonight, from 6PM CET - we kick off 'The Launch' in Amsterdam, to unveil our new platform in details.
At 20:50 CET - Sunny will dial in for an AMA with Jake - join them here: https://t.co/ACmcYvNtAr
Be ready to join our Telegram AMA channel, ask questions, and earn $B3TR!
@jaredborders@Kwenta_io@EthernautDAO@jaredborders Applied this mentorship program as well as Frontend Engineer position. I am really interested in Web3 and want find an opportunity to jump to Web3 from Web2. I have done the code challenge for the frontend position as well. Thanks. https://t.co/wGlXSUu6qS