Polygon has grown exponentially over the last few years and now includes one of the strongest and largest ecosystems in the space, a vibrant community, and cutting-edge technology. The treasury remains healthy, with a balance of more than $250 million and more than 1.9 billion MATIC, and we have crystallized our strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum. 

Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process,  we’re sharing the difficult news that we’ve reduced our team by 20% impacting multiple teams and about 100 positions. This was a painfully hard decision, but a necessary step in our journey.

Our departing teammates have played an historic part in building the Polygon technology and ecosystem to be the globally recognized blockchain that it is today. These individuals will always be a part of the 0xPolygon community and we sincerely thank each and every one of them.

Impacted employees will each receive three months of severance pay, regardless of their level or tenure at Polygon Labs. 

We know this isn’t only difficult for those who are leaving today, but for all of us who will steward Polygon Labs and the Polygon protocol going forward. Our colleagues are our friends and comrades, and there is no doubt that we all share pride in our collective accomplishments to date. 

The Founders + Ryan