Polygon Labs to Lay Off 60 Employees

Polygon Labs CEO Marc Boiron announced the dismissal of 60 employees, accounting for 19% of the team.

At Polygon Labs, we are on a mission to fundamentally change the Internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat. It requires executing ambitiously and nimbly with an efficient,…

— Marc Boiron (@0xMarcB) February 1, 2024

“Our mission is to fundamentally change the internet by ensuring universal access to its values. Building the infrastructure to achieve this is no easy task,” wrote the executive.

According to him, the rapid expansion of the team during the previous bull market “diluted the qualities” necessary to achieve their goals.

Boiron emphasized that the current wave of layoffs is not due to “financial reasons.”

Earlier in 2023, the project reduced its workforce by 20%, affecting around 100 employees.

In early 2022, Polygon raised $450 million from Sequoia Capital India with participation from over 40 venture investors.

The round included participation from Tiger Global and SoftBank via Vision Fund 2, as well as Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Sino Global Capital, billionaire Alan Howard, Reddit co-founder Alexis Ohanian, Animoca Brands, Spartan Fund, Dragonfly Capital, television personality Kevin O’Leary, and others.

At the time of writing, Polygon’s native token (MATIC) is trading around $0.79, down 1.8% over the past day. In December 2021, the asset’s price reached an all-time high of $2.92, according to CoinGecko.

As reported in ForkLog, Polygon Labs developed the AggLayer solution, an aggregation layer connecting blockchains based on zero-knowledge proofs.

Back in January, Polygon matched Ethereum in the number of new users.