Polygon Labs Cuts Workforce by 19%
Polygon blockchain developer Polygon Labs has made the difficult decision to lay off 19% of its workforce, according to CEO Marc Boiron. The company’s rapid growth during the recent bull market has led to a dilution of its focus, efficiency, and agility, prompting the need for restructuring. A total of 60 employees were let go in order to enhance performance and execute successfully on their mission.
A Series of Shakeups
This isn’t the first time Polygon Labs has undergone layoffs. About a year ago, the company laid off 20% of its employees. In addition, former President Ryan Wyatt stepped down in July 2023, with Boiron taking over as CEO. Despite the recent layoffs, remaining employees will receive a 15% increase in compensation while those laid off will receive severance and health benefits.
“Getting Back to Polygon Labs’ ‘Underdog’ Roots”
In an effort to return to its underdog roots, Polygon Labs aims to become lighter, nimbler, and more mission-focused. Polygon ID will also spin off into its own separate entity with 33 employees. The goal is to create an efficient team with less bureaucracy and allow for more collaboration and execution at their highest potential.
Hot Take: Polygon Labs Prioritizes Efficiency and Mission Focus
Polygon Labs has taken steps to enhance performance by cutting its workforce and focusing on its mission. The layoffs were deemed necessary in order to return to the company’s underdog roots and prioritize efficiency and collaboration. While this decision may be challenging for those affected, it is part of Polygon Labs’ strategy to execute successfully in the ever-evolving crypto industry.
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