A Sustainability Push Under New Leadership
The turnover comes as Herkelrath reviews the Foundation’s activities. In a Sept. 26 summary of his community Q&A, the Foundation said every existing initiative and partnership was being reviewed against a goal of making Algorand self-sustaining. It described a plan to sell services and use the revenue to become a net buyer of $ALGO and increase payments to node operators.
The Foundation, which supports the blockchain’s infrastructure and developer ecosystem, had already cut 25% of its workforce in March. It attributed the reduction to macroeconomic uncertainty and the broader crypto-market downturn.
Midafternoon ET CoinGecko readings on Oct. 14 showed $ALGO down 4.5% over 24 hours, compared with a 3.0% decline for Solana. $ALGO’s market capitalization stood at about $1.05 billion.
At reporting time, DefiLlama showed about $35 million locked in Algorand DeFi protocols. Its latest 24-hour figures recorded roughly 800,300 transactions and 37,300 active addresses.
The Foundation said more detail on its multichain strategy, including bridging, swapping and messaging, was expected in early first-quarter 2027.
