Polygon Labs, the company behind Polygon (MATIC), has laid off a large portion of its workforce. However, there is no reason to panic: the large wave of layoffs has nothing to do with financial problems, but rather “for the sake of better performance”.
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Shrinking in the team behind the popular Ethereum Layer 2
Mar Boiron, CEO of Polygon Labs, brought his more than thirteen thousand followers to the social media platform X today informed the recent series of layoffs.
In total, that’s around 19 percent of the workforce. This corresponds to a total of 60 employees.
Boiron clarified that the “incredibly difficult decision” was due to the company’s attempt to right-size, and not the company’s financial condition.
He added that the team grew rapidly during the last bull market in 2020-2021, which “diluted” the company’s goals of extreme focus, efficiency and agility.
According to the announcement, the affected employees will receive two months’ severance pay and health benefits until February. In addition, the company will increase total compensation for all employees by at least 15 percent retroactively to January 1, 2024. New hires will also receive a 5 percent increase.
About a year ago, Polygon also laid off around 20 percent of its employees. At the time, this round of layoffs was intended to ensure that several business units could be consolidated under Polygon Labs.
Polygon is a so-called Layer 2 network on Ethereum (ETH). It is a scaling solution that enables faster and cheaper transactions on Ethereum.
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The revolutionary proposal from Polygon Labs
Earlier this week, Polygon Labs’ legal team released a revolutionary proposal to classify true decentralized finance (DeFi) protocols as critical infrastructure, which would mean oversight by the company Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) from the US Department of the Treasury.
The proposal distinguishes between truly decentralized DeFi protocols and those with significant centralization and calls for existing financial regulations for the latter.
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