Polygon (MATIC) Lays off 20% staff
Polygon is a popular project in the crypto market and it is also one of the projects that is building the solution for layer 2. It is building layer two solutions for the Ethereum blockchain which means the applications that are running on the Ethereum chain can also run on the polygon network because it is a compatible chain. The reason why it is a need and its adoption is good is that the transaction fee on the polygon network is so low that you can say it's negligible.
In the last building cycle, this project has done pretty well and it is expected that in the next market cycle also it is going to be a good bet in the market. Although Ethereum has improved a lot in the last few years but is still the gas fee has been one of the concerns on this chain and it doesn't seem like we are going to overcome this problem real soon.
Because of this problem, many projects are building solutions to compete with Ethereum however that is something not easy at all and still this chain has thousands of projects built on this network. Anyways talking about the polygon network they have reduced their manpower by almost 19%. Usually, crypto companies do not lay off employees but in the market when the situation is not favourable such things happen. Many companies have done it in the past and now Polygon has also done it which can be a good decision probably by the company.
Maybe we can say that now we are heading towards the market bull run but that statement is also not exactly correct because as of now we are not there and how much time it will take is hard to predict. The company has decided to reduce its manpower which will affect its cost and undoubtedly this is not the right decision but from a company perspective it can be good. I hope that it does well for the company and they can deliver whatever has been planned which does not affect their deliverables.
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10% beneficiary to Tron-fan-club
Very good explained... Thanks for sharing this.Go ahead brother.
Thanks
I'm a Matic longtime holder, haven't pumped for a long time, huge losses, so I'm disappointed!
Hope next market cycle will make it profitable
Right. Polygon is a popular project now and it's a good project. Thanks for sharing about this topic.
Thanks
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Even if big projects like Polygon are laying off the staff then it is normal for small crypto projects however this is the concerning thing.
agree 100%
Your article is very good. Nicely explained. I hope you write articles like this in the future.Thank you.