Polygon Labs has laid off 60 employees, accounting for 19%

Polygon Labs CEO Marc Boiron announced in the community that 60 people have been laid off, accounting for 19% of the team members. Polygon Labs will provide two months of severance pay and health benefits (ending at the end of February) for the dismissed employees. At the same time, Polygon Labs will increase the total salary of employees by at least 15%, effective from January 1, 2024, and new employees will also receive a 5% salary increase. Polygon Ventures has been operating independently from Polygon Labs since the end of 2023 and has been renamed P2 Ventures. The Polygon ID team will also operate independently from Polygon Labs in the coming months.