Polygon Labs, the company behind the layer-2 rollup network Polygon, has recently announced a significant reduction in its workforce, cutting 60 roles – about 19% of its staff. The decision was detailed in a blog post released on Thursday.
The downsizing is explained as a move aimed at improving overall performance rather than being driven solely by financial considerations, as stated in the company’s official communication. Additionally, it was disclosed that the team responsible for Polygon ID will be transitioning out of the company in the upcoming months.
Employees who were unaffected by the layoffs are set to receive a minimum of a 15% increase in their total compensation, alongside the elimination of geo-pay models, as part of the company’s restructuring efforts.
At Polygon Labs, we are on a mission to fundamentally change the Internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat. It requires executing ambitiously and nimbly with an efficient,…
— Marc Boiron (@0xMarcB) February 1, 2024
This latest round of reductions follows a similar downsizing event in February 2023, when Polygon previously laid off 20% of its workforce during a period of restructuring.
Marc Boiron, CEO of Polygon Labs, emphasised the necessity of making challenging decisions to further the company’s mission. Despite the difficulty of such actions, Boiron expressed agreement among the founders that proceeding in a deliberate manner provides the best opportunity for successful execution.
