Polygon Labs Streamlines Operations with 20% Workforce Reduction

On February 21, Polygon Labs, the team behind the Polygon blockchain, announced it has reduced its workforce by 20%, laying off 100 positions.

The decision is part of a company-wide restructuring, which involves merging all departments into a single entity, Polygon Labs, and retiring the “Polygon Studios” brand.

"Our departing teammates have played a historic part in building the Polygon ecosystem into the globally recognized platform it is today. These individuals will always be a part of the 0xPolygon community, and we sincerely thank every one of them," tweeted Sandeep Nailwal, Polygon’s founder.

Affected employees will receive three months of severance pay, regardless of their position or length of tenure at Polygon Labs.

Additionally, Ryan Wyatt, President of Polygon Studios, will continue to support the project and will not see a change in leadership role at Polygon Labs.

Polygon founder Sandeep Nailwal reassured that the project’s treasury remains robust, with over $250 million in assets and 1.9 billion MATIC, asserting that the decision to streamline operations aligns with the company's long-term strategic goals.

“Polygon has grown exponentially. To continue this path of tremendous growth, we have crystallized our strategy for the next 5 years to drive mass adoption of Web3 by scaling Ethereum. Our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC,” tweeted Nailwal.

As of the time of writing, MATIC's price has decreased by over 5% today, trading at approximately $1.42.

MATIC/USDT 15-minute Chart on Binance at 10:00 PM, February 21, 2023