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OP Labs, the developer of Ethereum Layer 2 network Optimism, announced layoffs of 20 employees, approximately 20% of its team size, according to Chief Executive Officer Jing Wang. Wang stated that the move was a strategic decision aimed at narrowing the scope of operations to improve efficiency, rather than a result of financial distress, and emphasized that the company "has multiple years of runway ahead." Following the announcement, the OP token declined 2.4% over the past 24 hours.