Polygon ($MATIC) has been a favorite blockchain to launch new projects for the past year. This can be seen on many levels (daily users, TVL, transaction volume, TPS) compared to other infrastructure protocols, including BSC in the top too. Polygon continues to grow to the chagrin of its competitors. This consolidates the largest blockchain ecosystem namely Ethereum with which a symbiosis takes place. By the way, Polygon’s new network zkEVM which is making so much noise is coming out in mainnet at the end of March and will use ETH for gas fees. But then, why are some of the teams leaving? Let’s see it together!
Consolidation and optimization of the teams
As part of its continued restructuring into a single entity, Polygon Labs, the founders and Ryan Wyatt (CEO Polygon Labs and ex-head of gaming at YouTube) sent out an official statement this Tuesday, February 21 regarding a reorganization of Polygon.
Startups that grow too fast often face organizational and human challenges to meet the ever increasing demand. This is especially true in the blockchain sector, which, thanks to its high volatility, allows for a sometimes exponential growth. With its success, Polygon is currently in the middle of this problem. Unfortunately, as a crypto ecosystem, Polygon must continue to progress in order to keep a place on the podium with Ethereum and its other competitors in the field of zero knowledge.
So a simple choice was made: lay off, to get better organized.
A somewhat reduced business team
The different entities such as Polygon Studios are now integrated into Polygon Labs and bear market obliges, it is necessary to do better with less. While the Tech teams are not affected, the marketing and sales teams have let go of many employees.
This still represents about 20% of the workforce (~500 people). Nevertheless, in order to thank them for their hard work, they are leaving with the equivalent of 3 months of salary, so that they can start off on the right foot and continue to contribute to other projects in the meantime.
A treasury clearly at the top
We prefer to insist on it, but this dismissal is not to “save the company”. Indeed, with $250 million and 1.9 billion MATIC tokens, that is to say more than $2 billion, few blockchain projects can boast of such a good financial health in this period in the trough. But then again, efficiency is priceless and establishing oneself as a leader especially in a technology like zkEVMs requires rigorous and sometimes difficult choices.
CEO and Editor-in-Chief of Coinpri I have been navigating the waters of Blockchain for 5 years already.
Wait, I can see the Promised Land of Adoption in the distance.