Polygon Labs Implements Workforce Reduction
Polygon Labs, a prominent company in the web3 ecosystem, recently announced that it will be reducing its workforce by eliminating 60 positions, which accounts for around 19% of its staff. The decision was communicated by CEO Marc Boiron in an update shared with the Polygon Labs team.
Strategic Changes to Enhance Progress
In a statement released on Thursday, Polygon Labs explained that the workforce reduction is part of their strategy to accelerate progress, remove obstacles, align teams strategically, and maintain a strong focus on their mission within the web3 ecosystem. The company recognized the need for a smaller and more agile team that could collaborate closely and perform at their highest potential.
Marc Boiron stated that the decision to downsize the team was driven by the desire to regain qualities such as extreme focus, diligence, efficiency, and agility that had been diluted during the team’s growth in the previous bull market. He emphasized that this move is aimed at enhancing performance rather than being driven by financial reasons.
Thoughtful Execution and Gratitude
Boiron highlighted that achieving their mission often requires challenging decisions. However, he reassured that the leadership is committed to moving forward thoughtfully in order to maximize the chances of successful execution. The affected team members have been notified and will have personal discussions with the leadership to address any questions and express gratitude for their contributions.
Polygon Ventures and ID Team Spin Off
Polygon Ventures, previously a 10-person team within Polygon Labs, has already spun off and rebranded as P2 Ventures. They will continue investing in early-stage web3 projects within the protocol’s ecosystem. Additionally, the 33-person ID team is set to spin off in the near future to ensure the success of Polygon ID’s work in secure identity verification.
Commitment to Strategy
Polygon Labs remains committed to their strategy of interconnected zero knowledge-based networks and contracts. They have gained traction with the widespread adoption of Polygon CDK. Boiron expressed confidence in achieving their mission with the talented team at Polygon Labs and urged everyone to focus on executing their strategy while ignoring distractions.
Hot Take: MATIC Reflects Decline
The native token of the protocol, MATIC, is currently trading at $0.7930, reflecting a 1.5% decrease in the past 24 hours and a year-to-date decline of over 26%.
Source: Polygon Labs Statement
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