David Edwards
Polygon Labs, the team behind the layer-2 rollup network Polygon, announced the elimination of 60 positions, which constitutes about 19% of its workforce, according to a blog post published on Thursday. The company clarified that the decision to downsize was made to improve performance and not due to financial constraints. Additionally, it was mentioned that the Polygon ID team is expected to separate from the company in the near future.
For those employees unaffected by the job cuts, Polygon has promised a minimum of a 15% increase in total compensation, along with the decision to discontinue geographic-based pay models.
This recent reduction in staff occurs less than a year after a previous cutback in February 2023, where Polygon reduced its workforce by 20% during a reorganization phase.
Marc Boiron, the CEO of Polygon Labs, expressed in a post on X, “The truth is, pursuing our goals often involves tough choices. Despite the challenges, the founders and I concur that we need to proceed thoughtfully to maximize our chances of success.”
