Polygon Labs CEO, Marc Boiron, revealed the layoff of 60 employees, representing around 19% of the team, as part of an organizational optimization effort.
Severance Packages and Support for Laid-off Employees
The laid-off employees will receive two months of severance and health benefits through February’s end, where applicable. Boiron described the decision as difficult but necessary, pledging to help impacted employees find new opportunities. Despite the layoffs, Polygon Labs is committed to supporting its former team members during this transitional period.
Compensation Increase for Remaining Employees
Boiron announced a 15% increase in total compensation for the remaining employees, effective retroactively from January 1, 2024. The adjustment also includes a 5% increase for very recent hires. Polygon Labs is eliminating traditional geo-pay models to recognize the value of each employee, irrespective of location, as per the statement.
Strategic Spin-offs and Focus on Growth
Two teams within Polygon Labs, Polygon Ventures and Polygon ID, are being spun off. The 10-person Polygon Ventures team has rebranded to P2 Ventures, focusing on early-stage investments across web3, particularly within the Polygon ecosystem. The 33-person Polygon ID team is set to spin off in the coming months, continuing its work on enabling users to prove their identity without exposing private information. Boiron remains optimistic about the company’s future, highlighting the team’s readiness to pursue the development of key software and the growing ecosystem around it.