Overview

• Polygon Labs has laid off 19% of its workforce, or 60 employees, as part of a strategy to 'right-size' for enhanced performance.
• The layoffs are not due to financial reasons, but are aimed at creating a more efficient team with less bureaucracy.
• Polygon Labs had also laid off 20% of its staff about a year ago.
• Polygon Labs will be increasing total compensation for remaining employees by at least 15% and eliminating traditional geo-pay models.
• Polygon ID, a team within Polygon Labs, will be spun off in the coming months.