Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Polygon Labs to cut 19% of staff

Polygon Labs to cut 19% of staff

BlockworksBlockworks2024/02/01 23:16
By:Blockworks

Polygon Labs CEO Marc Boiron said the layoffs aren’t financial, but rather “for the sake of enhanced performance”

Polygon announced that it laid off 19% of its workforce, or 60 employees, in a blog post on Thursday.

The post, written by CEO Marc Boiron, said that the decision to lay off staff stems from the company’s attempt to right-size, rather than from the company’s financial state. 

“To move as ambitiously and nimbly as possible where everyone is able to take ownership of what they’re doing, we must create an efficient surgical team, with significantly less bureaucracy,” Boiron said in the post .

“Right-sizing for the sake of enhanced performance, rather than for financial reasons, may seem unconventional. The reality is that achieving our mission often demands challenging decisions, and while difficult, the Founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully,” he added.

Boiron added that the team rapidly grew during the last bull market, which “diluted” the company’s goals of “extreme focus, diligence, efficiency and agility.”

The impacted employees will receive a two-month severance package and health benefits through February, according to the post. 

Additionally, the company will be “increasing everyone’s total compensation (the sum of base salary and current annual MATIC pay) by at least 15% effective retroactively to Jan. 1, 2024.” New employees will receive a 5% increase.

Polygon Ventures, which was spun off from Polygon Labs last year, will serve “as a standalone.” The team has 10 employees.

“As they work to raise a new fund, having them serve as a standalone entity made the most sense from a variety of perspectives,” Boiron said.

Read more: PowerLoom to host first node mint on Polygon’s PoS

Polygon ID will also be spun off “in the coming months.” The team employs 33 people.

“This decision aligns with our strategy of focusing the Polygon Labs team on core protocol development work consistent with our mission,” he said.

Don’t miss the next big story – join our  free daily newsletter .

Tags
  • layoffs
  • Polygon
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Golden Ten Data Exclusive: Full Text of the US August CPI Report

In August, the US CPI rose by 0.4% month-on-month and increased to 2.9% year-on-year, with housing and food being the main drivers. Inflationary pressure is intensifying again. The full report is as follows.

Jin102025/09/11 15:53

Proof of Humanity and the "Dead Internet"

Don't let those "tin cans" control you or take away your tokens.

ForesightNews 速递2025/09/11 10:43
Proof of Humanity and the "Dead Internet"

Is anyone still doing airdrops full-time? Maybe you should consider getting a job.

Airdrops can't provide stability, but work can.

ForesightNews 速递2025/09/11 10:42
Is anyone still doing airdrops full-time? Maybe you should consider getting a job.