De-fi
Polygon Labs Cuts 60 Team Members and Spins-Off Two Units – Crypto News
Founder Sandeep Nailwal said move was necessary to take company back to its “underdog” roots.
Polygon Labs, which develops an ecosystem of blockchains, today announced it is cutting team members and spinning off two units in a major restructuring .
Polygon Labs’ restructuring involves a 60-person reduction in team size. The restructured Polygon Labs will now consist of approximately 220 team members, focusing on the collective goal of building a “planetary scale” blockchain network, founder Sandeep Nailwal said in an X post.
The move was necessary to take company back to its “underdog” roots, Nailwal said.
Polygon’s POL token is down 2.3% today, while its MATIC token is down 1.6%, in line with BTC and ETH.
Spin-Offs
As part of the restructuring, Polygon Ventures has been spun off as a separate entity. This move allows the venture capital arm of Polygon to operate with increased autonomy, further supporting innovative blockchain startups.
Additionally, Polygon ID will also exist as a separate entity, addressing secure decentralized identity solutions independently.
Polygon’s Proof-of-Stake chain is the sixth largest chain by total-value locked, holding over $800 million of assets. Its MATIC token is the largest Layer 2 token by market capitalization at $7.35 billion.
The Polygon ecosystem also encompasses a zkEVM chain and a rollup, which is in development.
Network of Chains
Polygon Labs intends to redirect its efforts towards building a network of aggregated blockchains.
In a forum post, Polygon Labs CEO Marc Boiron clarified that this measure was not primarily aimed at cost reduction but at creating a smaller, nimbler team. Despite the job cuts, the remaining Polygon Labs employees will receive a minimum of 15% hike in their salaries.
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