Protocol Labs, the creator of the decentralized storage network Filecoin, is cutting 21% of its staff, or 89 jobs. CEO Juan Benet blamed the “challenging economic downturn” and the “macro and crypto winter” for the cuts.

Last month, Coinbase, the largest US cryptocurrency exchange, announced that it would be letting go of around 20% of its workforce, or 950 employees.

ConsenSys, the Ethereum software firm behind MetaMask, also plans to cut at least 100 employees.

In January this year, there were 2,806 layoffs in the crypto industry, accounting for 4% of the total layoffs in the tech industry, according to CoinGecko’s report. The report predicts that industry layoffs will exceed last year’s total.