Polygon Labs Reduces Its Workforce by 20%

Polygon Labs Terminates 20% of Its Workforce

Polygon, an Ethereum layer 2 scaling solution, announced that it had laid off 100 employees, or 20% of its workforce. The company's decision is based on the consolidation of multiple business units and the ongoing decline in the cryptocurrency market, highlighted by several collapses over the past year.

According to Polygon's global head of human resources (HR), the company hoped to profit from the bad luck of other crypto market businesses.

After the FTX collapse, the overall sentiment in the crypto market and the economy as a whole worsened and new regulatory pressures further weighed on crypto prices. This took place amid challenging macroeconomic conditions that included record-high inflation and rapid increases in interest rates. No matter their position or length of service with Polygon, those affected by the layoffs would be entitled to three months' worth of severance pay, the company stated.

1.9B MATIC and $250M Treasury for Polygon

Polygon, formerly known as Matic Network, is an L2 scaling solution for Ethereum that addresses the scalability issues of the world's second-biggest blockchain. Polygon reports a healthy Treasury of $250 million and 1.9 billion MATIC. Plasma chains, sidechains, and state channels are just a few of the scaling options that developers can use on the platform to create Ethereum-compatible blockchain networks.

Over the past few years, Polygon has experienced rapid expansion. Due to its technical innovation, community involvement, and partnerships with other blockchain projects, it has emerged as a leading Ethereum L2 scaling solution.