StarkWare cuts jobs in reorganization as Starknet revenue plunges 99% from peak

Days after unveiling a quantum-safe bitcoin method, a StarkWare researcher was tapped to lead a new applications unit as Layer-2 revenue dries up. What to know : StarkWare is restructuring into two independent business units and cutting staff after revenue on its Starknet network fell more than 99% from a late-2023 peak. CEO Eli Ben-Sasson told employees the company will pivot from a pure Ethereum-scaling infrastructure focus to building in-house, revenue-generating products that competitors cannot easily replicate. A new Applications unit, led by researcher Avihu Levy, will pursue high-revenue products with minimal reliance on external blockchains, following his work on a costly but quantum-resistant Bitcoin transaction scheme.