Polygon Labs lays off 60 staff, about 19% of its workers, 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, based on a put up printed Thursday by CEO Marc Boiron.

The Polygon chain is likely one of the greatest 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, based on its web site. Polygon Labs is the entity that helps construct out the blockchain’s ecosystem.

Boiron stated the staff’s development over the last crypto bull market “diluted” the qualities it needed in its staff.

“To maneuver as ambitiously and nimbly as potential 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 will collaborate extra, expedite demanding tasks and execute at our highest potential.”

Within the aftermath of the layoffs, Polygon Labs is giving a 15% improve 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 by the top 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 embrace Sq., Money App and Afterpay, additionally laid off workers, reportedly round 1,000 folks, or 10% of its staff.

Final yr, Ava Labs, OpenSea, Yuga Labs, Chainalysis had been amongst a handful of crypto corporations that had layoffs within the fourth quarter, the information confirmed. OpenSea was the largest with 50% of its workers reduce in early November.

Throughout the tech world, for each large and small firms, there’s been main layoffs. In 2024, about 107 tech firms had layoffs, with virtually 30,000 folks affected, based on Layoffs.fyi knowledge.

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