The Developer Behind Polygon (MATIC) Lays Off 19% of its Workforce
Polygon Labs, the developer behind the Polygon (MATIC) ecosystem, has announced that it is laying off 19% of its workforce. However, the company’s CEO, Marc Boiron, assures that the decision is not due to financial difficulties. Boiron explains that the aim is to create a more efficient team with less bureaucracy by letting go of 60 employees.
According to Boiron, Polygon’s growth during the previous bull market led to a diluted focus on commitment, diligence, efficiency, and agility. He believes that a smaller workforce will enhance collaboration within the Ethereum (ETH) scaling solution.
While acknowledging that this decision is challenging, Boiron emphasizes that it is necessary for achieving their mission successfully. Laid-off employees will receive two months of severance and health insurance through February. On the other hand, remaining employees will receive a pay raise.
MATIC Price and Market Performance
At the time of writing, MATIC is trading at $0.808. The crypto asset currently holds the 15th position based on market capitalization and has experienced a growth of over 5.5% in the past 24 hours.
Hot Take: Polygon Labs Streamlines Workforce for Enhanced Efficiency
Polygon Labs, the developer behind Polygon (MATIC), has made the decision to lay off 19% of its workforce in order to create a more efficient and collaborative team. The move is not driven by financial reasons but rather aims to address concerns about diluted focus and agility resulting from previous growth. Despite being a difficult choice, CEO Marc Boiron believes it is necessary for Polygon Labs to successfully execute its mission. The laid-off employees will receive severance packages and healthcare coverage, while the remaining staff will receive a pay increase. MATIC’s current trading price is $0.808, and it has shown positive market performance with a growth of over 5.5% in the past 24 hours.
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