Polygon Labs has confirmed that it has cut around 100 jobs, or 20% of its workforce. The layoffs come as the crypto industry is still on its slow road to recovery following a tumultuous 2022. Earlier on in 2023, the Polygon team merged several business units into Polygon Labs. As part of this process, it was announced that staff had in fact been reduced by 20%, affecting multiple teams and approximately 100 positions as aforementioned. According to a company spokesperson, the layoffs will primarily affect employees in the United States, Canada, and India, where the majority of the staff workforce is based. Polygon Co-Founder Sandeep Nailwal tweeted that he would address any concerns that members of the community may have before going on to say that Polygon has developed its strategy to help drive mass adoption of Web3 going forward. Although Polygon remains a popular choice in crypto, with frequent comparisons to the likes of its competitors such as Ethereum, Cardano, and Binance, the full extent of what kind of impact the 2022 crypto contagion had on Polygon remains unknown.
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