Polygon team to cut staff by 20%

The blockchain platform Polygon announced a 20% staff cut. The layoffs will affect about 100 employees.

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Earlier this year the company consolidated several units under a single brand — Polygon Labs.

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The project noted that the treasury holds more than $250 million and 1.9 billion MATIC (~$2.64 billion).

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“The departing team members played a historic role in building Polygon’s technology and ecosystem, which has today become a globally recognised blockchain. These people will always be part of the community,” the statement said.

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The laid-off employees will receive compensation equal to three months’ salary, regardless of their tenure at Polygon Labs.

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In the wake of the layoff news, the MATIC token fell 5.7% in 24 hours (CoinGecko). However, the asset has gained almost 20% over the past week. Since the start of 2023, the price has risen by nearly 95%, with the token trading near $1.47.

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As of March 27, the project’s developers planned to launch the beta version of the zkEVM mainnet.