Polygon Labs to cut 19% of workforce in drive to ‘achieve superior performance’

Polygon Labs CEO Mark Boiron announced that the company would cut 60 jobs “in order to improve performance.”

In a Feb. 1 blog post, Boyron called the “difficult, but necessary” layoffs at Polygon affecting 19% of team members. According to the CEO, the layoffs were not for financial reasons, but in an attempt to create a “competent surgical team, much less bureaucratic.”

“This is not an easy decision,” Boyron said. “It may seem unusual to adjust the exact amount for improved performance rather than financial reasons.”

At Polygon Labs, we're on a mission to fundamentally change the Internet so that everyone in the world has the power to get their fair share of value. Building the infrastructure to make this happen is no easy task. It requires efficient and effective execution,…

— Marc Boiron (@0xMarcB) February 1, 2024

In the year Polygon cut 20% of its workforce — about 100 people — in February 2023 as part of internal restructuring efforts.

Boiron did not say at the time of publication how the layoffs would affect employees, but said they would share information as soon as possible based on employees opting in. Many reactions to the decision took place on social media, from Polygon's “strong but necessary” approach.

Related: Polygon Labs Proposes Framework to Classify DeFi as ‘Critical Infrastructure'

Polygon's downsizing comes at a time of downsizing at many companies in a variety of industries. Asset manager BlackRock – responsible for the first place Bitcoin (BTC) exchange funds in the United States – plans to reduce its employees by 3% in January. Financial payments firm Block has also reportedly laid off 1,000 team members.

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