• Polygon Labs also laid off 20% of its employees around a year ago.
• The CEO implied that the impending layoffs are not due to financial reasons.

In a recent post on twitter, Polygon Labs CEO Marc Boiron announced the layoffs of 19% of the team. After several other firms announced layoffs amid last year’s recession, Polygon Labs has decided to fire 60 employees.

Boiron stated:

“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. Regrettably, the team’s rapid growth in the last bull market diluted qualities that enable us to execute in this manner. We must return to those qualities.”

In Interest of Improved Performance

Notable cryptocurrency firms that announced layoffs in 2023 included OpenSea, Binance, and Coinbase. Polygon Labs also laid off 20% of its employees around a year ago.

In addition to implying that the impending layoffs are not due to financial reasons, Boiron said that Polygon Labs is increasing everyone’s overall remuneration by 15% and doing away with old geo-pay models. Rather than being driven by financial concerns, the reduction is being done in the interest of improved performance, as stated in the announcement.

A new solution dubbed aggregation layer (or AggLayer) is set to be released at Polygon Labs. Its purpose is to link blockchains using zero knowledge proofs. Verify, a blockchain-based platform, will negotiate content licensing arrangements with AI startups; the company and Fox Corporation will launch it. After working his way up the ranks to chief legal officer, Boiron was named CEO of Polygon Labs. 

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