Crypto technology firm Polygon Labs has decided to reduce its team by 20%. This round of layoff at the Polygon has impacted multiple teams and about 100 positions.

“This was a painfully hard decision, but a necessary step in our journey,” reads an official statement.

Those impacted will receive three months of severance pay, regardless of their level or tenure at Polygon Labs.

The workforce reduction has come after Polygon has crystallised its strategy for the next several years to help drive mass adoption of web3 by scaling Ethereum.

“We know this isn’t only difficult for those who are leaving today, but for all of us who will steward Polygon Labs and the Polygon protocol going forward. Our colleagues are our friends and comrades, and there is no doubt that we all share pride in our collective accomplishments to date.”

The layoffs at Polygon Labs come at a time when the cryptocurrency industry is undergoing significant changes. As the industry continues to mature, companies are re-evaluating their business models and strategies to stay ahead of the competition.