Polygon lays off 100 people! MATIC Analysis

Ethereum layer-2 scaling solution polygonmade an important announcement on its official website on February 21.

Polygon officials announced in their statement that approximately 20% of the personnel involved in the project were dismissed.

“At the beginning of this year, we combined multiple branches of our project under the name Polygon Labs. As part of our merger plan, we terminated some teams (100 people in total) and reduced the total workforce by 20%. Making this decision was painful for us, but it was a necessary step in our journey.”

In the continuation of the blog post, the authorities thanked each one of them individually, emphasizing that their friends who left the job made a great contribution to the project. polygon Finally, he stated that he will distribute quarterly severance pay in order to minimize the financial losses of the developers who left the job.

MATIC Analysis

Polygon’s native cryptocurrency MATIC tumbled more than some altcoins after news of the layoffs.

The crypto market spends the second day of the week with sellers. bitcoin And Ethereum depreciated by 0.83% and 1.59%, respectively. Altcoins with large market share fell by 2.50% on average. MATIC It fell 4.50%.

After breaking the $1.35 resistance level, MATIC rising as high as $1.55 may test the previous week’s resistance level to turn it into support.

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