Sky Mavis Cuts Workforce by 21% to Focus on Growth
Sky Mavis, creator of the Axie Infinity game, will reduce its workforce by 21%, impacting 50 employees out of 250. This decision aligns with the company's goals for growth and expansion in the upcoming year.
Axie Infinity Growth Pursuit in 2025
CEO Trung Nguyen stated that the layoffs are a strategic move to enhance focus and position Sky Mavis for significant growth in 2025. The company is prioritizing the expansion of the Ronin Network, the Mavis Marketplace, Axie Infinity, and developing a new Axie Infinity game. These efforts aim to improve services and strengthen market position following a major hack two years ago.
In 2022, the Axie Infinity Ronin Bridge experienced a hack resulting in a loss of $625 million in cryptocurrencies, including 173,600 Ethereum #ETH and 25.5 million USDC #USDC. Investigations revealed the compromise of Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes.
The United States Treasury Department subsequently linked the breach to North Korean hacker Lazarus Group. This incident has hindered Sky Mavis's expansion efforts, but Nguyen anticipates a wave of innovation and adoption for utility-driven Web3 projects.
Crypto Policies to Improve in US with Trump
Nguyen based his projections on the increasing acceptance of crypto policies, particularly following Donald Trump's recent victory in the US presidential elections. Trump's campaign emphasizes support for blockchain technology and digital assets, potentially creating a favorable environment for crypto businesses.
Trump aims to establish the US as the "crypto capital of the planet" and has proposed creating a national Bitcoin reserve, indicating intentions to integrate cryptocurrencies into the financial framework. This outlook has generated excitement among investors anticipating a crypto-friendly environment in the US.
The positive sentiment surrounding these developments has contributed to significant rallies in the crypto market. Bitcoin #BTC reached multiple all-time highs, currently trading at $98,040.33. Other digital assets, such as Ethereum #ETH, have also seen modest gains. As of this writing, AXS, the native token of Axie Infinity, decreased by 3.08% to $8.37 following the news.