Founder Sandeep Nailwal said move was necessary to take company back to its “underdog” roots.<\/p>\n
Polygon<\/a> Labs, which develops an ecosystem of blockchains, today announced it is cutting team members and spinning off two units in a major restructuring .<\/p>\n 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<\/a>.<\/p>\n The move was necessary to take company back to its “underdog” roots, Nailwal said.<\/p>\n Polygon’s POL token is down 2.3% today, while its MATIC token is down 1.6%, in line with BTC and ETH.<\/p>\n <\/p>\n 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.<\/p>\n Additionally, Polygon ID will also exist as a separate entity, addressing secure decentralized identity solutions independently.<\/p>\n 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. <\/p>\n The Polygon ecosystem also encompasses a zkEVM chain and a rollup, which is in development.<\/p>\n Polygon Labs intends to redirect its efforts towards building a network of aggregated blockchains. <\/p>\n <\/p>\nSpin-Offs<\/h2>\n
Network of Chains<\/h2>\n
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