In spite of the turmoil in the industry, Polygon has apparently seen exponential growth, as stated in a report from the firm. Polygon asserts that they have solidified their approach for the next five years to push broad acceptance of web3 by scaling Ethereum, and that this will allow them to continue down this path of phenomenal growth. The corporation claims that its treasury is in good shape and that it now has a balance of more than $250 million and more than 1.9 billion MATIC estimated to total to over $2.7 Billion.
Polygon has grown exponentially.
To continue on this path of stupendous growth we have crystallized our strategy for the next 5 yrs to drive mass adoption of web3 by scaling Ethereum.
Our treasury remains healthy with a balance of over $250 million and over 1.9 billion MATIC
— Sandeep | Polygon 💜 Top 3 by impact (@sandeepnailwal) February 21, 2023
The statement indicates that a significant component of this plan involves consolidating all of Polygon’s teams under the umbrella of Polygon Labs in order to stimulate more development.
Polygon plans to cut the number of staff.
The company came to the unpleasant conclusion that as part of this process of consolidation, they needed to cut the size of their team by twenty percent, which would affect numerous teams and around one hundred roles. Regardless of their position or length of service at Polygon Labs, affected workers will each get three months’ worth of severance pay when they leave the company.
Too many layoffs? How do these layoffs help better the financial crisis at these entities?
At times of financial strain, crypto businesses may have to make the tough choice of laying off personnel. This is not a simple choice, but there are advantages to think about.
By eliminating certain positions, crypto companies may save money that may be crucial to their continued existence. In a market as unpredictable as that of cryptocurrencies, having access to sufficient cash reserves might be crucial to a company’s success. They may reduce overhead costs and free up capital to utilize in other areas of the firm, like R&D, if they lay off certain employees.
Second, eliminating non-essential personnel may allow crypto firms to better concentrate on their key competencies. The most efficient use of scarce resources is of paramount importance. Crypto companies who have had to lay off employees may have been pushed to rethink their strategies and reduce redundancies, both of which may improve productivity and bottom lines.
laying off workers might also show investors that the firm is serious about making it through the economic downturn. This has the potential to keep investors from losing faith in the firm and stop its stock price from falling much lower. It’s however worth remembering that firing workers might have unintended negative consequences.