Lisk laid off about 21 employees from its company while the staff experts quit despite the solid backing of the LSK project. The project was one of the most high-profile ICOs in 2016 but now they have a hard time keeping its entire staff as we can read below in the crypto news.
Lisk’s team was one of the most important features of the project and the startup had offices in Berlin as well. The long downturn in crypto assets led to a drive to make a leaner operation. The message from the co-founder Max Kordek commented in a Reddit thread:
‘’Today, at Lightcurve, we laid off 21 of our employees and terminated the contracts of three employees who were yet to join. This concludes the recent wave of terminations you may have observed. We are now ready to go completely dedicated into 2020 with a solid team of 31 individuals on the Lightcurve side.’’
The Redditors noted that most of the layoffs were a sign of problems within the project. Lisk laid off 21 employees and lost most of its delegates so now the promising network is seen as a failed project.
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Lisk was also supposed to become a network to compete with Ethereum but it based its smart contract and dApp functionalities on JavaScript. However, about 100 delegates of Lisk turned the network into an oligarchy and used their coins to solidify their positions. The market price of the project is also precarious despite the major expectations of the price reaching triple-digit prices to rival ETH. The LSK asset reached $32 in early 2018 but now it trades at only $0.64.
Lisk made a lot of noise with its rebranding in 2017 and launched a wallet as well. However, the platform didn’t take off quite as expected and got tossed aside by the new platforms with better operations. Now the project is no longer among the top dApp or smart contract platforms. The startup still continues to operate and burn the haul of its BTC coins from the token sale.
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Lisk had the advantage of raising about $6 million and is now holding sufficient BTC and other assets in the long run.
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