- Polygon Labs has reduced its workforce by 20 percent
- The platform has $250 million and almost 2 billion MATICs on its balance sheet
Polygon Labs joins a number of crypto companies that have laid off their employees. The move comes despite the fact that bitcoin (BTC) and other cryptocurrencies have been trending higher in recent weeks. The firm announced today that it has cut 20 percent of its workforce, affecting multiple teams and approximately 100 positions.
a blog post about layoffs Reading,
“It was a painfully difficult decision, but a necessary step on our journey. Our outbound partners have played a historic role in building Polygon’s technology and ecosystem into the globally recognized blockchain it is today.
MATIC is not affected by the movement of Polygon Labs
Apart from this, Labs has not given any reason that would affect this decision. However, he has ensured that his “treasury remains healthy”, adding that he has a balance of more than $250 million and 1,900 million MATIC. According to Coinmarketcap, Matic has not made any significant moves since the announcement.
Reading (MATIC) polygon value prediction 2023-24
At press time, the coin was trading at $1.41 with a market capitalization of over $12 billion. The coin recorded a drop of more than 5 percent in the last 24 hours. But it has also seen a rally of more than 18% in the last seven days.
In addition, Polygon Labs said that the firm will provide three months of severance pay to those affected by the decision. In addition, it will be provided to former employees regardless of their level and seniority.
Polygon Labs’ decision comes days before zkEVM mainnet launch
Most notably, right before the release of the long-awaited release, Labs decided to reduce its workforce. zkEVM mainnetThe launch is scheduled for March 27, 2023. In addition, Polygon co-founder Sandeep Nilewal recently posted an update on the Gains Network, the ecosystem of DeFi products on Polygon, and Arbitrum.
The network will diversify your offers with its low trading fees. Gaines Network recently hit a milestone with trade volume of over $25 billion.