๐ข Michael Blank, the COO at Polygon Labs since March 2022, is stepping down as the company eliminates the COO position.
๐ Blank will stay on for a few months during the transition.
๐ This move follows layoffs of 60 employees (19% of staff) in February and a series of departures of key leaders over the past year.
๐ Polygon faced instability amid the crypto market crash, with MATIC's market cap plummeting from almost $20 billion in December 2021 to less than $5 billion in September.
๐ Polygon Labs has consolidated, spinning off Polygon Ventures and planning to cleave off the team behind Polygon ID.
๐ผ MATIC's market value has since rebounded to near $7 billion.
๐ฃ๏ธ Boiron, the president, highlighted the need for a more efficient team amid challenges, aiming for greater adaptability and ownership.
