Polygon Labs announced a 19% reduction in staff

The CEO of Polygon Labs said that the staff reduction is aimed at improving work productivity and using resources in the most optimal way.

Polygon Labs announced a 19% reduction in staff. Photo: The Block

According to the latest announcement by Mr. Marc Boiron, CEO of Polygon Labs - network developerPolygon (MATIC), this organization has cut 60 employees, equivalent to 19% of the staff. 

The CEO of Polygon Labs affirmed that this difficult decision was for the purpose of "improving performance, not for financial reasons", and shared the team behind it.Polygon ID- technology-based user identification solutionZero Knowledge Proof (ZKP)- will be spun off from the company in the coming months.

Polygon Ventures investment fund was renamed P2 Ventures, continuing to nurture potential projects in the cryptocurrency ecosystem.

Regarding remuneration policy, Polygon Labs CEO will have the following changes:

• Group of employees on the cutback list: Will receive 2 months salary and  health benefits until the end of February 2024. At the same time, Polygon Labs will support finding new jobs with existing partners, suitable to the employee's field expertise.
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• Group of employees not on the cutback list: 15% increase in basic salary applies to all employees who joined the company before 2024. New employees will receive an additional +5% in basic salary

This is Polygon Labs' next staff reduction, following operationsStreamline 20%, equivalent to 100 previous employeesin early 2023. The decision of network developer Polygon was made after the conclusion of the discussion on "The future direction of Polygon Labs" that took place earlier this week to find solutions for continued growth. according to the company.

"In fact, achieving Polygon's mission often requires challenging decisions, founders like me must always tell ourselves to move forward despite difficulties to have the best chance of success."

Polygon (MATIC) is a popular layer-2 platform on Ethereum. In 2023, they made efforts to upgrade Polygon 2.0, includingReplace MATIC token with POL, announced "3 pillars" management model, Deploy re-staking mechanism, upgrade Polygon PoS chain to layer-2 zkEVM ,…

In addition, the project was also announced new ecosystem development fund worth 90 million USD, in partnership with other organizations including OKX to build layer-2 for floors, Developed zkWASM solution for NEAR Protocol, supporting social network Web3 Lens Protocol deploys V2 upgrade, and most recently is preparing to launch the Composite Layer solutionAggLayeraims to connect blockchains together to enhance liquidity.

MATIC price is currently fluctuating around 0.79 - 0.81 USD, not too much fluctuation in the 24 hour frame.

4h chart of the MATIC/USDT pair on Binance at 11:15 PM on February 1, 2024