BitcoinSistemi 2025-04-25 20:49:14

Crisis in an Altcoin Listed on Major Exchanges: Main Development Team Shutting Down

Gitcoin (GTC), a funding platform on Web3, has announced the official closure of its core development unit, Grants Lab, effective May 31, 2025. This move will also mark the end of support for Grants Stack, the main product developed by the team. The decision comes after evolving dynamics in funding, the rapidly changing Web3 ecosystem, and the departure of several key team members. According to Gitcoin co-founder Kevin Owocki, these factors have left Grants Lab without a sustainable path to profitability. “Today, I share one of the most difficult decisions we have had to make since the founding of Gitcoin,” Owocki said in a statement. “We have made the decision to close Grants Lab and are parting ways with several extremely talented and mission-committed team members.” Related News: BREAKING NEWS: FED Senior Executive Kashkari Made Shocking Statements About Cryptocurrencies! Owocki pointed to broader changes in the ecosystem, such as the maturation of Layer 2 (L2) networks, the emergence of new coordination tools, and increased competition, as drivers behind the decision. Internal changes also played a role in the loss of executives who helped shape Grants Lab’s vision and operations. The decision, made in collaboration with Gitcoin’s management representatives and Grants Lab leadership, includes not submitting a new budget proposal for the second half of 2025. Instead, remaining first-half funds will be used to provide severance pay to negatively impacted staff. The organization plans to continue funding efforts through a leaner structure focused on the Gitcoin Grants program. Other initiatives such as Gitcoin Passport (now known as HumnPassport), KERNEL, Public Works, and Allo Capital remain operational and funded. *This is not investment advice. Continue Reading: Crisis in an Altcoin Listed on Major Exchanges: Main Development Team Shutting Down