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Polygon Labs cut 20% of workforce

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Polygon Labs, the software development company behind Ethereum Layer-2 scaling solution Polygon, is firing 20% of its workforce, or about 100 positions, as part of its business consolidation.

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Fast facts

  • “Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” according to the announcement.
  • Affected employees will receive three months of severance pay, regardless of their level of tenure. 
  • Polygon’s decision to cut staff is the latest in a series of layoffs among crypto companies affected by the collapse of FTX exchange.
  • Filecoin developer Protocol Labs cut 21% of its staff at the beginning of February, less than a month after Metamask developer ConsenSys slashed over 100 employees.
  • Polygon’s Matic token was down 6.02% in the past 24 hours, trading at US$1.40 at 10:00 p.m. in Hong Kong, according to CoinMarketCap data.

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