Snap disbanded Web3 amid layoffs.

The company's second-quarter growth was the lowest in five years, so it laid off 20% of its workforce.

Snap (SNAP) has terminated its Web3 team to reduce expenses due to slow growth.

Jake Sheinman announced his retirement on Thursday via Twitter. He also revealed Facebook's future plans.

According to the tweet, "Due to a company restructure, our [W]eb3 team will be closing."

CoinDesk's comment request to Sheinman went unanswered.

Snap CEO Evan Spiegel revealed in July that executives were concerned about the company's underperformance.

"Our Q2 financial results don't reflect our ambition," the company said. "Our results aren't satisfactory."

Snap's second quarter revenue of $1.11 billion, up 13% from last year, was below the company's previous guidance of 20% to 25% and analyst estimates.

Despite this, Snap's revenue was up 13% year-over-year.

Spiegel announced Wednesday that Snap will cut 20% of its workforce, weeks after first disclosing the data.

Spiegel wrote, "This reduction should reduce the risk of ever having to do this again, while balancing our desire to invest in our long-term future and reaccelerate revenue growth."

The layoffs are expected to hurt Snap's AR Spectacles team, ending the company's honeymoon phase with AR.

Three years after introducing Lenses, Snapchat began selling Spectacles, AR eyewear.

In 2021, the company paid more than $500 million to buy WaveOptics, which supplies Snap's augmented reality displays. This happened last year.

The company planned to research a feature that would allow users to import NFTs into Snapchat and use them as augmented reality filters as recently as July, but it is unknown if this initiative will proceed in light of the impending layoffs.

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