Nearly 100 workers were laid off at a few industry objects inside Polygon.

In an announcement on Tuesday, Polygon Labs said it has decreased its crew by 20% as piece of an effort to consolidate its industry objects.

“This used to be a painfully hard risk, but a critical step in our lumber,” said Polygon Labs.

The impacted workers had their procure entry to to Polygon systems, including Slack and email, unexpectedly prick off as a “critical security measure,” a extinct Polygon employee informed CoinDesk.

The Polygon crew maintained that their treasury used to be gentle wholesome, with a balance of over $250 million and 1.9 billion of its native MATIC tokens. After the news, MATIC used to be shopping and selling at around $1.42, down 5% in the closing day.

Polygon is gentle taking a peep forward to launch its zero-files Ethereum Digital Machine (zkEVM) mainnet beta on March. 27. The commonly anticipated scaling solution would aid direction of transactions faster on a Layer 2 blockchain by packaging varied off-chain transactions into a single one on-chain.

Firm-large layoffs were a recurring theme in the crypto industry over the previous couple of weeks. DCG subsidiary and valuable crypto lender Genesis let slither of 30% of its crew after it filed for Chapter 11 financial kill protection earlier this three hundred and sixty five days. Ethereum infrastructure firm ConsenSys also laid off 96 workers to “alter to hard and dangerous market stipulations.”

As of Wednesday, CoinDesk estimated that 29,743 crypto jobs had been lost since April 2022.