As part of its consolidation earlier this year, the firm cut jobs.
On Tuesday, Polygon Labs, the Ethereum scaling platform, announced it had cut around 100 jobs, or 20% of its workforce.
As the crypto industry struggles to recover from the implosion of FTX and subsequent downturn, the job cuts come as a blow.
We’re sharing the difficult news that we’ve reduced our team by 20%, affecting multiple teams and approximately 100 positions, as part of the consolidation of multiple business units into Polygon Labs earlier this year.
Most of Polygon’s workforce is located in the U.S., Canada, and India, a company spokesperson told CoinDesk.
In an email to a laid-off employee viewed by CoinDesk, the email read, “Your access to Polygon Labs’ systems, including Slack and email, will end momentarily. This is a necessary security measure.”
Polygon sets March launch date for zkEVM Mainnet Beta
At $1.42, Polygon MATIC’s native token was down over 5% on the day.
On Wednesday, co-founder Sandeep Nailwal will join the company’s weekly community call on Discord to “address any doubts any community members may have.”
Currently, the treasury has a balance of more than $250 million and more than 1.9 billion MATIC, and we have outlined our strategy for driving mass adoption of Web3 by scaling Ethereum over the next few years.
The complete picture of how the 2022 crypto contagion impacted Polygon remains unclear despite Nailwal’s inclusion of the phrase “Top 3 by impact” in his Twitter profile.
Polygon saw wild swings in daily transactions during the fourth quarter due to users moving funds following the collapse of FTX. Additionally, Polygon saw a tremendous increase in daily addresses at the time, partly due to the launch of its zero-knowledge EVM testnet (zkEVM). It has been announced that the zkEVM beta main network will launch on March 27.
In Jan. 2022, Nailwal announced he would return $100 million USDC that Ethereum co-founder Vitalik Buterin had previously donated to Nailwal’s initiative for Indian COVID-19 relief efforts. Since Buterin – as a nonresident Indian citizen – had to be extra careful to comply with Indian jurisdiction, he would be able to use the funds in a more accelerated manner, he said.