Polygon Labs lays off 60 employees, about 19% of its staff, CEO says

Polygon Labs, the staff centered on constructing the layer-2 blockchain Polygon, has laid off 60 staff, or about 19% of its workers, in line with a post printed Thursday by CEO Marc Boiron.

The Polygon chain is among the largest layer-2 blockchains centered 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 line with its website. Polygon Labs is the entity that helps construct out the blockchain’s ecosystem.

Boiron mentioned the staff’s progress over the past crypto bull market “diluted” the qualities it wished in its staff.

“To maneuver as ambitiously and nimbly as attainable the place everybody is ready to take possession of what they’re doing, we should create an environment friendly surgical staff, with considerably much less paperwork,” he added. “As a smaller staff, we are able to collaborate extra, expedite demanding tasks and execute at our highest potential.”

Within the aftermath of the layoffs, Polygon Labs is giving a 15% enhance to its present staff’ whole compensation and “eliminating conventional geo-pay fashions.” As for these laid off, they’ll get two months severance and well being advantages via 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 shows.

Earlier this week, Jack Dorsey’s fintech firm Block, whose subsidiaries embody Sq., Money App and Afterpay, also laid off staff, reportedly round 1,000 folks, or 10% of its staff.

Final 12 months, Ava Labs, OpenSea, Yuga Labs and Chainalysis had been amongst a handful of crypto companies that had layoffs within the fourth quarter, the info confirmed. OpenSea was the most important with 50% of its staff cut in early November.

Throughout the tech world, for each large and small firms, there have been main layoffs. In 2024, about 107 tech firms had layoffs, with nearly 30,000 folks affected, in line with Layoffs.fyi knowledge.

This quarter, there have already been extra tech staff lower than within the two previous quarters, and we’re just one month into the four-month interval.