Polygon Labs, the firm behind the Polygon network, announced that it reduced its workforce by 20%.
The move affects around 100 people and multiple teams in the company.
According to the press release, the layoff resulted from the consolidation of multiple units under Polygon Labs.
- The Polygon founders also underlined that the layoff decision is strategic and the firm's treasury is quite healthy.
- The dismissed employees will get three months of severance pay.
- Polygon network's native token MATIC decreased by 6% in value within a few hours after the mass layoff was announced.
The downward trend that gained speed last year with Terra LUNA's collapse and the crypto exchange FTX's bankruptcy forced many crypto-related companies, including Coinbase, Crypto.com, Huobi, and Kraken, to reduce their headcounts just as Polygon Labs.
