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Web3 unicorn Polygon has laid off 60 employees, roughly 19 per cent of its workforce, aimed at right-sizing the team to enhance performance, the company notified in a blog post.
Marc Boiron, CEO of Polygon Labs, in the post, wrote, “Right-sizing for the sake of enhanced performance, rather than for financial reasons, may seem unconventional. The reality is that achieving our mission often demands challenging decisions, and while difficult, the Founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully.”
The company said it will be offering two months of severance and health benefits through the end of February in locations where it provides health benefits.
Going forward, the company will be increasing everyone’s total compensation by at least 15 per cent effective retroactively to January 1, 2024. Employees that joined the team very recently will also receive a five per cent increase. It will also be rolling out a streamlined leveling system and eliminating traditional geo-pay models, Boiron said.
The company is also restructuring its business. It will be keeping its Polygon Ventures as a standalone entity. Boiron said, “The 10-person Polygon Ventures team was spun-off from Polygon Labs at the end of last year. The team rebranded to P2 Ventures and continues its work to invest at the earliest stages across all categories in web3 with a particular focus on the Polygon ecosystem. Their work to identify and help grow some of the most successful companies in web3 has been impactful across the ecosystem. As they work to raise a new fund, having them serve as a standalone entity made the most sense from a variety of perspectives.”
In addition, the 33-person Polygon ID team will be spinning off in the coming months. Since launching less than two years ago, Polygon ID has made great strides to enable users to prove their identity without the need of exposing their private information, the company said. “This decision aligns with our strategy of focusing the Polygon Labs team on core protocol development work consistent with our mission. Onchain, digital identity will be important for our interactions on blockchains in the coming years, and the Founders and I look forward to Polygon ID’s continued success,” Boiron wrote.
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