Polygon Labs, the driving force behind Polygon’s web3 ecosystem, recently addressed its team in a communication outlining significant organizational optimizations. The move aims to streamline operations, enhance efficiency, and reinforce the mission of democratizing the internet’s value.
Strategic Updates: Adapting for Success
In response to the dynamic web3 landscape, Polygon Labs initiated discussions earlier this week about the future trajectory. The subsequent updates prioritize agility, focus, and efficient collaboration to achieve their mission swiftly. The changes underscore the commitment to fostering a team capable of taking ownership and accelerating project execution.
Impactful Decision: Team Restructuring
Polygon Labs acknowledges the necessity of a more agile approach, leading to a tough but crucial decision to bid farewell to approximately 19% of the team, amounting to 60 team members. The decision reflects the organization’s commitment to enhanced performance and a more streamlined structure.
The decision to right-size the team is driven by a commitment to performance rather than financial considerations. To support those affected, Polygon Labs offers 2 months of severance and health benefits through February. Additionally, the People Team facilitates a voluntary list for impacted individuals to share their professional backgrounds within the collective network, aiding potential career transitions.
Future Commitments: A Positive Outlook
Recognizing the impact on the team, it announces a significant positive change – an increase in everyone’s total compensation by at least 15%, retroactively effective from January 1, 2024. This includes a 5% increase for recent team members. Additionally, a streamlined leveling system is introduced, eliminating traditional geo-pay models, and emphasizing the value each team member brings regardless of location.
Strategic Spin-offs: Focusing on Core Missions
Polygon Labs strategically spun off Polygon Ventures last year, now known as P2 Ventures, focusing on early-stage investments within web3, particularly in the Polygon ecosystem. The 33-person Polygon ID team will follow suit in the coming months. The decision ensures dedicated attention to digital identity development, aligning with Polygon Labs’ mission of core protocol development.
Future of Polygon Labs and the Ecosystem
Despite the challenging decisions, it expresses confidence in its strategic approach. Progress is evident in the creation of interconnected zero knowledge-based networks and contracts, widespread adoption of Polygon CDK, and recent advancements in Aggregated Blockchains and the AggLayer.
Polygon Labs emphasizes the growing strength of its community, collaborative efforts among developers, and an expanding use case portfolio within the Polygon ecosystem. The team remains dedicated to executing its strategy amidst the evolving web3 landscape.