According to CoinDesk, Blocknative, a provider of tools for transactions on the Ethereum blockchain, has recently undergone a restructuring that resulted in a headcount reduction of just over 33%, according to CEO Matt Cutler. The company is now focused on extending its runway to pursue its Real-Time Observability thesis, Cutler said in an email. Founded in 2018, Blocknative now has 24 people in total, implying that about a dozen employees were affected by the restructuring.

Blocknative raised $12 million in a funding round in July 2021 from Foundry Group, Blockchain Capital Robot Ventures, and others, after raising $5 million in a seed round a year earlier. The company announced another $15 million investment round in December 2022. The restructuring extends Blocknative's runway to well over three years, according to Cutler.

The restructuring adds to job cuts in the blockchain industry that have accelerated in recent weeks with digital-asset markets seemingly stalled, including prices for bitcoin (BTC) and Ethereum’s ether (ETH), deepening the so-called 'crypto winter.' Blocknative's restructuring comes just a couple of weeks after the company announced it would exit services related to its MEV-Boost Relay, a type of software used by Ethereum network validators, after the effort failed to materialize economically. Cutler said that Blocknative would continue in other core services, with its website listing products such as mempool explorer, transaction simulation, Ethereum gas estimator, and Polygon estimator. Existing services will continue uninterrupted and receive updates and enhancements, while new services are expected to be launched before the end of the year.