Polygon decides to lay off 100 employees

Despite how challenging it was, Polygon Labs ultimately made the difficult choice to lay off 100 employees. That actually equates to a respectable 20% of their entire team. Nevertheless, what appears to be remarkable is that they were able to raise $450 million a while back to carry out their expansion ambitions for the Web3 approach. The business is a Layer 2 service provider.

Also surprising is the fact that the entity, at the present moment in time, has really improved its overall performance. It is also true that the entity’s governance token, known as MATIC, is performing very well, with a 4% increase in price over the last week, whereas Ether is experiencing a 0.4% drop in price. If the whole month is in focus, MATIC’s price has risen by 38%. Further, Polygon boasts of having $250 million and 1.9 billion MATIC as part of its treasury.

Polygon, as of late, has been actively engaged in certain restructuring and reorganization exercises and currently stands in the position of being the 5th largest DeFi protocol. As per the president of Polygon Labs, Ryan Watt, there has been an amount of $100 million that has gone into the Polygon ecosystem fund, along with incurring an expenditure on staff to the tune of $200 million, in the past year alone. Also, it was February 2022, the same month that Polygon successfully raised $450 million through the private sale of MATIC. Sequoia Capital India and SoftBank, Galaxy Digital, Tiger Global, and a few others served as the round’s lead investor.

As per the data received from CoinGecko, there have been layoffs of 6,800 crypto workers in the year 2022, out of which 2.3% were from DeFi. It is expected that there will be further layoffs in the near future. Where Huobi, which happens to be a centralized exchange, is concerned, plans are afoot for a 20% staff layoff. Even in the case of Jack Lu, the CEO and Co-Founder of Magic Eden, they are preparing to lay off 22 staff members.

Advertisement

Siemens has issued a 60 million euro digital bond on the Polygon blockchain independently of the Polygon team. This says volumes about the network’s overall capability. The entity will debut its EVM-compatible zero-knowledge proofs, the zkEVM, in the very near future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button