Dune cuts 25% of staff as it shifts to serve institutions

Crypto analytics firm Dune cut 25% of its workforce this week as it restructures to focus on core data products and institutional clients, CEO Fredrik Haga wrote on X Thursday.

Haga wrote the reductions are intended to sharpen product focus and create capacity for expanded artificial intelligence capabilities. He described Dune MCP as an AI-driven feature that lets teams and automated agents build dashboards and workflows without writing SQL or running data infrastructure.

The company let go of a quarter of its employees; Haga called the departing staff “exceptional people” and offered to recommend them to other employers. He also wrote that Dune remains well capitalized, noting the firm raised $69,420,000 in a 2022 Series B led by Coatue.

Other crypto and fintech firms have reduced headcounts in recent years. Major exchanges have trimmed staff-Coinbase cut about 14% of its workforce last year-and some companies have cited AI-related efficiencies as a reason for restructuring.

Dune provides analytics tools used by traders, researchers and developers to query blockchain activity. The company has added automation and AI tools to lower the technical barrier for building dashboards and reports. With more financial activity moving onchain, the firm said it is investing in its data layer and a white-glove service for institutional clients.

Employees affected by the cuts and Dune customers did not respond to requests for comment. The company did not disclose its total headcount before the reductions or which teams were most affected.

Haga wrote on X: “We're restructuring Dune to sharpen our focus around the core data products thousands of customers across the crypto industry rely on. That unfortunately means we've let 25% of the team go this week. These are exceptional people I can wholeheartedly recommend — ping me if you're hiring top crypto talent.” He also wrote, “With Dune MCP, teams and agents can now build dashboards and workflows without needing to know anything about SQL nor data infrastructure (and associated bills).”