Obol Labs co-founder Oisin Kyne has taken over as CEO and has laid off approximately 30% of staff.

Foresight News reported that Obol Labs, a blockchain developer, has appointed co-founder Oisin Kyne as CEO. At the same time, the team has laid off 30% of its staff to extend its cash runway and cope with a potentially prolonged bear market and high-interest-rate environment. Oisin stated that institutional client conversion cycles are lengthy, but their requirements for security and risk-adjusted returns are extremely high, and the Ethereum staking market will follow this trend. The company said this adjustment aims to safeguard its long-term goal of "providing secure infrastructure for the Ethereum economy."