- Polygon Labs has slashed its workforce to compose a lean workforce
- It clarified that the pass wasn’t as a result of feeble financial muscular tissues
- The choice will shrink Polygon Labs’ employees by 19%
Polygon Labs, the creator of Ethereum layer 2, Polygon, has disclosed that it’s reducing its workforce by 19% to compose an “efficient surgical workforce.” The Polygon builders clarified that the decision wasn’t as a result of financial struggles, with its co-founder Sandeep Nailwal noting that it’s part of taking “Polygon Labs support to its ‘underdog’ roots.” Even though the agency didn’t specify which departments would be most littered with cuts, its causes for reducing employees are unconventional in the Web3 world.
Optimizing for the Future
In step with Polygon Labs CEO Marc Boiron, the pass will send dwelling 60 employees, adding that the decision turns out to be complex nonetheless mandatory. Boiron disclosed that the staff cuts were part of optimizing the group for the lengthy bustle.
At Polygon Labs, we are on a mission to mainly commerce the Web in dispute that all individuals on the earth is empowered to equitably procure entry to its worth. Building the infrastructure to connect that happen is no easy feat. It requires executing ambitiously and nimbly with an efficient,…
— Marc Boiron (@0xMarcB) February 1, 2024
The executive eminent said that affected employees will be given two months of severance and that Polygon Labs is engaging to signify them to loads of web3 companies and hiring managers. Closing employees will watch their total compensation increase “by a minimum of 15% efficient retroactively on January 1, 2024.”
Aside from announcing the layoffs, Boiron revealed that Polygon ID will be spinning off as a standalone entity in “the coming months,” taking in the footsteps of Polygon Ventures. In step with Nailwal, Polygon Labs employees will be 220 “after slip-offs and headcount reductions.”
Asserting goodbye to pals and colleagues is every so often very painful, nonetheless this turn out to be a compulsory step to take Polygon Labs support to its ‘underdog’ roots. This makes us lighter, nimbler and extra mission centered.
Our relentless point of interest is to originate the Planetary scale blockchain network for…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) February 1, 2024
The scaling layer is on the cusp of an enhanced model dubbed Polygon 2.0, an evolution that’s expected to happen in the next 12 months. The platform has started the phased rollout of the original platform with the commencement of the POL token contract, which is supposed to interchange MATIC with POL as the protocol’s noxious token.
Even though Polygon Labs said the headcount cut rate isn’t influenced by financial struggles, the pass is liable to reflect positively on its balance sheet.