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While the decision to lay off staff is never easy, it may be necessary to ensure that the company can continue to provide value to its users.įor Polygon Labs, restructuring can lead to a leaner, more focused company. Many companies are looking to improve their sustainability and focus on long-term growth. The restructuring of Polygon Labs is part of a larger trend in the blockchain industry. We remain committed to our vision of creating a more decentralized and scalable future for blockchain, and we believe this restructuring will help us achieve that goal.” What does this mean for the company’s future? “We are grateful for the contributions of our team members who have made us what we are today, and we wish them well in their future endeavors. In a post announcing the restructuring, the company stated: The decision to lay off 20% of staff was not taken lightly, but was necessary to streamline the company’s operations and reduce costs. The company is seeking to improve its long-term sustainability and ensure that it can continue to provide value to its users. Polygon Labs cited the need to refocus its efforts as the reason for the restructuring. In 2020, the company changed its name to Polygon Labs and continued to expand its offerings. In 2019, the company raised $5 million in a funding round led by Binance Labs. It started as a side project but quickly gained traction in the blockchain community. The company was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Polygon Labs is also an open-source platform that allows anyone to contribute to its development. The company uses a unique approach that enables it to provide a seamless and user-friendly experience for developers and users. It is designed to provide faster and cheaper transactions on the Ethereum network.

Polygon Labs, formerly Matic Network, is a layer-2 scaling solution for Ethereum. Why did Polygon Labs lay off 20% of its employees? What does this mean for the company’s future?.Why did Polygon Labs lay off 20% of its employees?.