Polygon Labs, the company behind it layer-2 scaling network for Ethereum (ETH), has indicated it will cut its workforce. In fact, the team will be reduced by 20%, which means that 100 employees will be laid off.
Polygon goes with the flow
The company said the following in the announcement:
Earlier this year, we consolidated several business units under Polygon Labs. As part of this process, we are sharing the difficult news that we have downsized our team by 20%, impacting multiple teams and approximately 100 positions. This was a painfully difficult decision, but a necessary step in our journey.”
The cuts mainly affect workers in the United States, Canada and India, where the bulk of Polygon’s workforce is based. Affected Polygon Labs employees will receive three months of severance pay.
However, Polygon Labs is not alone in having to cut its workforce. For example, you could recently read that no fewer than 2,900 employees were laid off in the first month of this year at a total of 14 different crypto-related companies. This month was therefore the second worst month when it comes to layoffs in the crypto industry. Major crypto exchanges such as Coinbase, Crypto.com and Huobi, for example, were forced to cut their workforce.
MATIC price is falling
MATIC, the network’s price, is down a total of 5% in the past 24 hours. A month ago you could read in the altcoin news that MATIC, like many other cryptocurrencies, had an excellent start to 2023. Since the third week of February, the price shot up very hard and managed to hit a high of $1.54. to make. However, at the time of writing, the price stands at $1.35.
This means that it is currently about 80% higher than at the turn of the year. Measured from the low from about $0.32 in June 2022, it is currently in the green by more than 320%.
