Polygon Labs, the crew targeted on constructing the layer-2 blockchain Polygon, has laid off 60 workers, or about 19% of its employees, in accordance with a publish revealed Thursday by CEO Marc Boiron.
The Polygon chain is one of the largest layer-2 blockchains targeted on scaling Ethereum. It has assisted over 2.44 billion transactions, deployed over 1.17 million sensible contracts and has recorded $12.8 billion in gross sales quantity, in accordance with its web site. Polygon Labs is the entity that helps construct out the blockchain’s ecosystem.
Boiron stated the crew’s progress over the last crypto bull market “diluted” the qualities it wished in its workers.
“To move as ambitiously and nimbly as possible where everyone is able to take ownership of what they’re doing, we must create an efficient surgical team, with significantly less bureaucracy,” he added. “As a smaller team, we can collaborate more, expedite demanding projects and execute at our highest potential.”
In the aftermath of the layoffs, Polygon Labs is giving a 15% enhance to its present workers’ whole compensation and “eliminating traditional geo-pay models.” As for these laid off, they are going to get two months severance and well being advantages by way of the tip of the month, the place relevant.
Polygon’s token, MATIC, fell after the information, however has since rebounded round unchanged ranges on the day, CoinMarketCap knowledge exhibits.
Earlier this week, Jack Dorsey’s fintech firm Block, whose subsidiaries embody Square, Cash App and Afterpay, additionally laid off employees, reportedly round 1,000 folks, or 10% of its crew.
Last 12 months, Ava Labs, OpenSea, Yuga Labs and Chainalysis have been amongst a handful of crypto corporations that had layoffs within the fourth quarter, the info confirmed. OpenSea was the largest with 50% of its employees lower in early November.
Across the tech world, for each huge and small corporations, there have been main layoffs. In 2024, about 107 tech corporations had layoffs, with virtually 30,000 folks affected, in accordance with Layoffs.fyi knowledge.
This quarter, there have already been extra tech workers lower than within the two previous quarters, and we’re just one month into the four-month interval.