MATIC Drops 6% as Polygon Labs Slashes Headcount by 20% As part of a larger consolidation first announced on January 11, Polygon Labs today announced it would be laying off 100 employees. Polygon Labs, the group of companies behind the eponymously-named blockchain network, announced it would be cutting its headcount by 20%, per a blog post. The 100 employees that have been laid off will receive three months of severance pay. &quot;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,&quot; read the post. Polygon is a proof-of-stake (PoS) crypto network, hosting a variety of decentralized finance (DeFi) and non-fungible token (NFTs) projects. The network&#039;s native MATIC token has dropped 6% over the past 24 hours, falling to around $1.40. The token is down over 50% from its all-time high of $2.92, set in December 2021. Polygon Labs vice president of communications and community Kurt Patat told Decrypt that &quot;teams across Polygon Labs were impacted, but operations and marketing were impacted the most,&quot; adding that the project still plans &quot;to continue operating at an extremely high level.&quot; Read More: <a rel="noreferrer nofollow noopener" href="https://decrypt.co/121820/polygon-labs-slashes-headcount-20-consolidation-process" target="_blank">https://decrypt.co/121820/polygon-labs-slashes-headcount-20-consolidation-process</a>