Founder Sandeep Nailwal mentioned transfer was essential to take firm again to its “underdog” roots.
Polygon Labs, which develops an ecosystem of blockchains, at the moment introduced it’s reducing group members and spinning off two items in a serious restructuring .
Polygon Labs’ restructuring entails a 60-person discount in group dimension. The restructured Polygon Labs will now consist of roughly 220 group members, specializing in the collective objective of constructing a “planetary scale” blockchain community, founder Sandeep Nailwal mentioned in an X publish.
The transfer was essential to take firm again to its “underdog” roots, Nailwal mentioned.
Polygon’s POL token is down 2.3% at the moment, whereas its MATIC token is down 1.6%, according to BTC and ETH.
Spin-Offs
As a part of the restructuring, Polygon Ventures has been spun off as a separate entity. This transfer permits the enterprise capital arm of Polygon to function with elevated autonomy, additional supporting modern blockchain startups.
Moreover, Polygon ID may even exist as a separate entity, addressing safe decentralized id options independently.
Polygon’s Proof-of-Stake chain is the sixth largest chain by total-value locked, holding over $800 million of belongings. Its MATIC token is the most important Layer 2 token by market capitalization at $7.35 billion.
The Polygon ecosystem additionally encompasses a zkEVM chain and a rollup, which is in growth.
Community of Chains
Polygon Labs intends to redirect its efforts in direction of constructing a community of aggregated blockchains.
In a discussion board publish, Polygon Labs CEO Marc Boiron clarified that this measure was not primarily geared toward price discount however at making a smaller, nimbler group. Regardless of the job cuts, the remaining Polygon Labs staff will obtain a minimal of 15% hike of their salaries.
