Share this article
Polygon Labs Cuts 19% of Staff, 60 Roles, for 'Enhanced Performance'
The Ethereum-focused developer firm attributes the layoffs to working more effectively, rather than financial reasons.
Updated Mar 8, 2024, 8:49 p.m. Published Feb 1, 2024, 2:35 p.m.
Polygon Labs, the developer firm behind the layer-2 rollup network Polygon, has cut 60 roles, accounting for roughly 19% of its staff, the company said in a blog post on Thursday.
According to the release, the downsizing comes “for the sake of enhanced performance, rather than for financial reasons.” The company also shared that the team behind Polygon ID will be spinning out of the firm in the coming months.
STORY CONTINUES BELOW
For those that were not impacted by the layoffs, Polygon said that they will receive at least a 15% increase in their total compensation, and that they would also be eliminating geo-pay models.
The fresh round of reductions come less than a year after a downsizing in February 2023, when Polygon previously laid off 20% of its staff amid a restructuring.
At Polygon Labs, we are on a mission to fundamentally change the Internet so that everyone in the world is empowered to equitably access its value. Building the infrastructure to make that happen is no easy feat. It requires executing ambitiously and nimbly with an efficient,…
— Marc Boiron (@0xMarcB) February 1, 2024
“The reality is that achieving our mission often demands challenging decisions, and while difficult, the founders and I agree that we must move forward in a thoughtful way that gives us the greatest chance to execute successfully,” Marc Boiron, CEO of Polygon Labs, wrote in a post on X.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
The Protocol: Stripe’s Tempo Testnet Goes Live
Also: ZKSync Lite to Sunset, Blockstream App Update, Axelar’s AgentFlux
What to know:
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Top Stories
