The developer company Polygon Labs, which created the layer-2 rollup network Polygon, announced in a blog post on Thursday that it had eliminated 60 positions, or around 19% of its workforce.The downsizing is being done “for the sake of enhanced performance, rather than for financial reasons,” the announcement said.The company also disclosed that in the upcoming months, the Polygon ID team will split out from the corporation.
Polygon announced that individuals who were spared the layoffs will receive a minimum of a 15% rise in their overall salary and that geo-pay models would be discontinued.The latest round of layoffs occurs less than a year after Polygon previously reduced 20% of its workforce in February 2023 as part of a reorganization.
“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,” Marc Boiron, CEO of Polygon Labs, wrote in a post on X.