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

Polygon Labs, The squad focused connected building The layer-2 blockchain Polygon, has laid disconnected 60 employees, astir 19%, of its staff, its CEO Marc Boiron said in a post connected Thursday.

The Polygon blockchain is 1 of The biggest layer-2 blockchains focused connected scaling The Ethereum chain. It has assisted complete 2.44 cardinal transactions, deployed complete 1.17 cardinal smart contracts and has $12.8 cardinal in income volume, according to its website. Polygon Labs is The entity that helps build retired The blockchain’s ecosystem.

Boiron said The team’s maturation during The past crypto bull marketplace “diluted” The qualities it wanted in its employees.

“To move arsenic ambitiously and nimbly arsenic imaginable wherever everyone is capable to return ownership of what they’re doing, we must create an businesslike surgical team, pinch importantly little bureaucracy,” he added. “As a smaller team, we Can collaborate more, expedite demanding projects and execute astatine our highest potential.”

In The aftermath of The layoffs, Polygon Labs is giving a 15% summation to its existing labor full compensation and “eliminating accepted geo-pay models.” As for those laid off, they will get 2 months severance and wellness benefits done The extremity of The month, wherever applicable.

Polygon’s token, MATIC, fell aft The news, but has since rebounded astir unchanged levels connected The day, CoinMarketCap information shows.

Earlier this week, Jack Dorsey’s fintech institution Block, whose subsidiaries see Square, Cash App and Afterpay, also laid disconnected staff, reportedly astir 1,000 people, aliases 10% of its team.

Last year, Ava Labs, OpenSea, Yuga Labs, Chainalysis were among a fistful of crypto firms that had layoffs in The 4th quarter, The information showed. OpenSea was The biggest pinch 50% of its unit cut in early November.

Across The tech world, for some large and mini companies, there’s been awesome layoffs. In 2024, astir 107 tech companies had layoffs, pinch almost 30,000 group affected, according to Layoffs.fyi data.

This quarter, location person already been much tech labor trim than in The 2 preceding quarters, and we’re only 1 period into The four-month period.