Polygon Labs has introduced a 19% discount in its workforce, impacting 60 staff throughout numerous departments.
The choice, introduced by CEO Marc Boiron in an inner memo on Feb. 1, is a part of the corporate’s broader technique to realign its concentrate on core tasks and speed up its mission within the web3 ecosystem.
Workers cuts
Regardless of the corporate’s success, Boiron mentioned that fast growth over the past bull market led to elevated forms, diluting the agility and focus wanted to pursue its bold targets.
Boiron mentioned the layoffs will not be motivated by monetary considerations, and the choice was influenced by the necessity for strategic resizing to bolster efficiency. He regretted the layoffs and mentioned it was a “tough however vital choice.”
The CEO added that the corporate is dedicated to supporting the affected staff, who will obtain two months of severance and continued well being advantages, alongside help for locating new alternatives throughout the web3 house. Polygon Labs is facilitating this transition by sharing skilled profiles of affected staff with its community primarily based on particular person consent.
Silver linings
Along with the employees cuts, Polygon Labs introduced constructive adjustments for the remaining crew members, together with a minimal 15% enhance in whole compensation retroactive to Jan.1, 2024, and the introduction of a streamlined leveling system to eradicate conventional geo-pay fashions. These measures purpose to acknowledge the worth of every worker and appeal to high expertise globally.
The restructuring extends past personnel adjustments. Polygon Ventures and Polygon ID, two pivotal arms of the group, are transitioning into impartial entities. This strategic transfer is designed to sharpen the main target of Polygon Labs on core protocol improvement whereas permitting these offshoots to thrive with devoted sources and specialised groups.
Boiron stays optimistic concerning the future, emphasizing the expertise and dedication of the Polygon Labs crew and the broader group’s help. He highlighted the strategic concentrate on creating interconnected networks and contracts to boost blockchain use circumstances.
