The web3 giant Yuga Labs is restructuring the firm, which required cutting some team members Friday. 

Yuga Labs co-founder Greg Solano, who took over as the company's CEO in February, published the company memo announcing the restructuring on social media. 

"Really tough day today," Solano said regarding the restructuring announcement. "I am hellbent on transforming Yuga and getting us back to our roots, and that means making hard decisions. By far the hardest is saying goodbye to some talented team members."

In the note, Solano said Yuga Labs “lost its way” and will focus on building “a smaller, more agile and crypto-native team.”

“I’ve had to take real stock of where the company is at while at the helm these last two months,” Solano said. “The creative-first spirit that …