Polygon Labs’ CEO announced that 60 employees, or 19% of its total workforce, are leaving the company.
These cuts are not driven by financial necessity, but are part of strategic adjustments aimed at strengthening performance and efficiency. The announcement also highlighted the evolution of Polygon Ventures into P2 Ventures following its separation from Polygon Labs in late 2023. Additionally, the Polygon ID division plans to become an autonomous entity in the near future.
In a statement, Polygon CEO Marc Boiron emphasized that the reductions were enacted not out of financial necessity but to streamline operations for better performance.
Boiron also noted that there was an immediate impact on affected employees and that personal communications would follow to provide explanations, answer questions and thank them for their service while the news was delivered out of the blue. The company promised to pay two months of severance pay to employees in those locations and provide ongoing health benefits through the end of February.
Polygon Labs has launched a support network where affected employees can join the directory to share professional information with a network that includes web3 project recruiters, venture capital talent partners, and hiring managers.
In a further announcement, Boiron shared positive developments from the rest of the team. Retroactively to January 1, all employees will receive a minimum 15% increase in gross salary, including base salary and annual MATIC payments, and recently hired employees will receive a 5% increase.
Additionally, a new equalization system will be introduced and the traditional location-based pay model will be abolished, recognizing the value of each team member equally and strengthening the company’s attractiveness to international talent.