Polygon Labs Cuts 60 Employees in Ethereum Scaler’s Latest Shakeup

Polygon Labs, the company behind the Ethereum blockchain PolygonMore than 19% of their employees on Thursday, the latest criticism in the most popular crypto blockchain.

According to the company, about 60 members of the Polygon Labs team were notified Thursday morning that their jobs were being terminated. Polygon Labs spokeswoman confirmed Decrypt The cuts are made in all regions and teams and affect both full-time and contract positions.

Thursday's cuts come less than a year after Polygon spent more than before 100 – Reduction of staff At the beginning of last year. At that time, the management of the company found it necessary to take a huge step Corporate restructuring Which created a repeat on multiple teams.

Unspoken facts colored those resignations, however; In the year In late 2022, accelerated by the fall of FTX, macro conditions in the crypto sector have caused an earthquake in the industry that has caused a severe wave of penalties. The lion's share of pink slips In the global economy.

Today, Polygon has similarly avoided disruption to the still fragile crypto market by framing it as an important step to eliminate red tape and streamline operations.

“To We need to move as big and smart as possible, create an efficient surgical team, where everyone can take ownership of what they're doing, with less bureaucracy,” said Marc Boyron, CEO of Polygon Labs. Blog post. “As a smaller team, we can collaborate more, accelerate demanding projects and work to the best of our abilities.“

Boyron took over the top job at Polygon from former YouTube executive Ryan Watt In July. The quake came between a. Initial wave Several Polygon founders and executives have left for other companies or shifted their focus to new projects in the past year. White later joined rival Ethereum scale Optimism as chief development officer.

Workers affected by Thursday's layoffs received two months' severance pay and health benefits until the end of this month. All of the approximately 300 employees remaining at the company will receive a 15% raise between their salaries and MATIC token gifts.

According to Polygon, it is currently the 6th largest decentralized finance (DeFi) ecosystem in crypto, with a total value locked (TVL) of $811.69 million. DeFi call. In December, the network was overtaken in that measure by rival Solana, which had an excellent ecosystem. development In the last few months.

Edited by Andrew Hayward.