Polygon Labs studio, under the leadership of CEO Marc Boiron, has made the difficult decision to reduce its workforce by about 19%, which will result in the layoff of 60 employees.
Boiron highlighted the main challenges faced by the Polygon Labs team and emphasised the importance of having efficient and collaborative employees in order to achieve the company's goals.
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
"We regret to announce the reduction of the Polygon Labs team by 60 people, representing about 19% of our staff. We thank these employees for their valuable contributions to our ecosystem. This decision is driven by the need to improve operational efficiency, not by financial constraints"said Boiron.
To support the downsized employees, Polygon Labs will provide them with benefits and health insurance until the end of February 2024. In addition, the remaining employees will receive a salary increase of at least 15%, as confirmed by Boiron.
It's worth noting that Polygon Labs previously cut its staff by 20% in February 2023. The latest round of layoffs affected about 100 people in various departments.
In an effort to further strengthen its presence, #Polygon Labs announced a $93 million developer grant programme in November. The company also unveiled several new products related to the #Ethereum ecosystem in December.
