The Algorand Foundation on Wednesday joined the ranks of crypto firms slashing headcount, losing 25% of its fewer than 200 employees and citing “the uncertain global macro environment” and a broader crypto downturn.

The cuts arrived as a wave of layoffs proliferates across the industry. In February, Gemini Space Station (GEMI) said it would eliminate roughly 200 positions, about a quarter of its staff, a figure that had grown to 30% by mid-March. On Thursday, Crypto.com said it is trimming 12%, about 180 roles.

That’s on top of 20 employees who got the chop at OP Labs, the company building layer-2 blockchain Optimism, earlier this month and the five full-time employees and three contractors let go at PIP Labs, the team behind Story…