Ethereum: Joseph Lubin breaks silence regarding Consensys layoffs, Vitalik defends Consensys

The past month hasn’t been good for Ethereum and it’s co-founders’ company Consensys. With Ethereum going below $90 support line, and mainstream media attacking Consensys on all fronts, Consensyss’ image has already been tarnished.

But Consensys’s founder, Joseph Lubin, finally breaks down the silence regarding negative news around Consensys. According to him, most of the news around Consensys is mass hysteria, rather than backed by numbers. Joseph Lubin tweeted,

“We have been on the receiving end of an epic amount of conjecture and preemptive paranoia — filled with damning rhetoric about situations journalists and bloggers don’t have real data for, actual insight into, or understanding of.”

He also added that the Consensys eco-system is healthy as ever, and most of the rebalancing was planned nine months ago.

“We are creating transitions for some projects that we believe don’t fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network.”, tweets Joseph Lubin.

Ethereum creator Vitalik Buterin, himself took to Twitter to defend Consensys, saying the downsizing is part of the journey.

“Expand up to 1100 people, shrink to 600, keeping the 6/11ths that are most productive: OMG consensys is dead! Expand up to 600 with no shrinking, announce every step of the expansion: wow, the company is prospering!”, tweets Vitalik Buterin.

Joe Lubin is dubbing the recent downsizing of Consensys as Consensys 2.0, which is a more streamlined version of Consensys. Last week, Consensys’ CMO Amanda Guterman, shared the numbers behind Consensys which revealed Consensys and Ethereum are healthy and growing in their respective eco-system.

Blockmanity’s Take

Hiring and downsizing is part of every startup’s journey. Every major company, which was once a startup has gone through this phase. Judging a startup based on downsizing isn’t fair.

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