Polygon Network (MATIC) Lays Off 20% of Workforce, "Consolidates" with Polygon Labs

Polygon Network (MATIC), a flagship EVM-compatible blockchain, has shared the details of its massive re-organization and macro strategy for the next years. Its efforts will be backed by a "healthy" treasury despite the aftershocks of the ongoing crypto winter.

Polygon Network (MATIC) confirms 100 job cuts

According to an official announcement shared by Polygon Network (MATIC) on its main website, its team decided to lay off about 100 employees. In total, this means a 20% headcount reduction for multiple teams of the Polygon (MATIC) ecosystem.

Polygon has grown exponentially.

To continue on this path of stupendous growth we have crystallized our strategy for the next 5 yrs to drive mass adoption of web3 by scaling Ethereum.

Our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC

— Sandeep | Polygon 💜 Top 3 by impact (@sandeepnailwal) February 21, 2023

Also, it has been that announced that Polygon is "consolidating" with Polygon Labs, corporate development and investing entity of the Polygon (MATIC) ecosystem. Earlier, Polygon Labs united several businesses under the Polygon's umbrella.

The founders announced that all affected by headcoint trims will receive generous compensation regardless of their last positions in Polygon (MATIC):

These individuals will always be a part of the 0xPolygon community and we sincerely thank each and every one of them. Impacted employees will each receive three months of severance pay, regardless of their level or tenure at Polygon Labs

At the same time, Polygon (MATIC) representatives confirmed that the treasury of the project looks 'healthy' with $250 million and 1.9 billion MATIC tokens allocated (almost $2,62 billion in equivalent as of Feb., 2023). This sum includes $100 mln venture fund that is still active.

Polygon Network (MATIC) scores major partnerships in Q1

Despite painful headcount trims, Polygon Network (MATIC) started 2023 with a series of crucial collaborations across various industries. 

On January 7 it announced the launch of common Web3 incubation program for digital artists with credit cards heavyweight MasterCard. Also, it entered into long-term NFT-centric partnerships with Nike and Doritos.

However, the most powerful price catalyst for Polygon (MATIC) is yet to come as the network prepares for the launch of Polygon zkEVM platform. Polygon zkEVM will optimize network transactions and advance Polygon's compatibility with Ethereum (ETH).