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Published on February 1, 2024

Polygon Labs Lays Off 19% of Staff

layoffs
news
crypto
laceykaelani

Lacey Kaelani

@laceykaelani

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Polygon Labs, the team behind the Ethereum scaling network Polygon, announced a significant restructuring today, including layoffs, spin-offs, and compensation increases. This blog post outlines the key details and insights for the Polygon community.

Overall, this announcement signifies a significant shift for Polygon Labs. While the layoffs are undoubtedly difficult for those impacted, the company hopes this restructuring will ultimately enhance its focus, agility, and ability to achieve its mission in the long run. It's important to note that the blog post offers resources for impacted employees and emphasizes the positive aspects of the company's future direction.

If you're hiring and looking for talented employees to join your team, see the list of impact employees here.

Layoffs and Rationale:

  • 60 employees, roughly 19% of the workforce, were laid off. CEO Marc Boiron acknowledges the difficulty of this decision and emphasizes it's not financially driven, but to "create an efficient surgical team" with more agility and focus.
  • Boiron cites rapid team growth during the bull market as diluting their core values of focus, efficiency, and agility. He believes this restructuring will bring them back to these values and enhance their ability to achieve their mission.
  • Impacted employees will receive 2 months of severance and health benefits. The People Team is also helping them connect with potential employers within the web3 space.

Compensation and Other Changes:

  • All remaining employees will receive a 15% increase in total compensation (base salary and MATIC pay) retroactive to January 1st, 2024. New hires will receive a 5% increase.
  • Traditional geo-pay models are being eliminated. This change recognizes the value each employee brings regardless of their location and aims to attract top talent globally.
  • A streamlined leveling system will be implemented. This system aims to provide clarity and consistency in career progression for employees.

Spin-offs:

  • Polygon Ventures, a 10-person investment team, spun off as P2 Ventures in 2023. This independent entity focuses on early-stage web3 investments with a particular interest in the Polygon ecosystem.
  • Polygon ID, a 33-person team focused on decentralized identity solutions, will spin off in the coming months. This decision aims to provide them with dedicated resources and focus to maximize their impact.

Looking Ahead:

  • Boiron expresses confidence in the future of Polygon Labs and the ecosystem. He highlights the progress made with Polygon CDK, the strong community, and the builders using Polygon for diverse use cases.
  • He encourages the community to "ignore the noise and execute on our strategy." This suggests a focus on internal development and collaboration rather than external distractions.