Polygon Labs, the group of companies behind the eponymously-named blockchain network, announced it would be cutting its headcount by 20%, per a blog post.
The 100 employees that have been laid off will receive three months of severance pay.
“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions,” read the post.
Polygon is a proof-of-stake (PoS) crypto network, hosting a variety of decentralized finance (DeFi) and non-fungible token (NFTs) projects.
The network’s native MATIC token has dropped 6% over the past 24 hours, falling to around $1.40. The token is down over 50% from its all-time high of $2.92, set in December 2021.
Editor’s note: This story is breaking and will be updated shortly.
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Source: https://decrypt.co/121820/polygon-labs-slashes-headcount-20-consolidation-process
