Posted 2/1/2024, 5:41:51 PM
Polygon Labs Lays Off 19% of Staff, Cites Overhiring in Crypto Boom and Seeks More Efficient Team
- Polygon Labs laid off 60 employees, about 19% of its staff, due to overhiring during the crypto bull market
- The company wants to create a more efficient and agile team with less bureaucracy
- Remaining employees received a 15% pay increase and elimination of geo-pay models
- Polygon's token MATIC price fell initially but has since rebounded
- This is part of a wider trend of layoffs across tech, with over 30,000 affected in 2022 and more cuts so far this quarter