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Hitherto, the media has been bringing news about downsizing occurring in diverse companies. However, Polygon is following a unique scheme of its own. It is planning to hire an extra 40% of staff. The company does not seem bothered at all by the ongoing crypto winter! bitcoin revolution is the leading automated trading platform, with millions of satisfied users.
Polygon’s Future Plans
Polygon (MATIC) is a digital asset. It is best defined as the best, easy-to-use, and well-structured platform for the infrastructure development and scaling of Ethereum (ETH).
According to the latest survey by Bloomberg, the company desires to add an extra 200 employees to the existing workforce. They may work part-time, or full-time. The company has several vacant positions to offer, for people coming from different backgrounds, and possessing diverse qualifications.
Currently, there are approximately 500, full-time employees in the company. They are spread across the globe. However, Polygon has its headquarters in Dubai.
A global head of HR, is Bhumika Srivastava. She declares that tech talent is not easy to find, or to hire. Even a Web2 organization must struggle. The company is keen to acquire quality talent. Yet, the task is not easy, since Web3 skills are still in the building stage.
Coinbase’s Decision to Downsize
Other companies may wonder if Polygon is doing the right thing, especially amidst the ongoing crypto winter. After all, they, themselves, have been laying off employees, ever since the marketplace displayed a downward trend.
One such is Coinbase, a tremendously well-established and highly-reputed, cryptocurrency exchange. Furthermore, it is the biggest among global digital currency exchanges. July 2022 witnessed a laying off, of 1,100 employees (18% of staff).
Brian Armstrong, the CEO of Coinbase, justifies the company’s decision. He states that it aims to remain healthy during economic downturns. Downsizing helps it to stand firm even during the worst of situations. He also stated that the decision was not entirely his own. Even the top executives were involved. An entire month was spent consulting with all teams in the organization. In other words, multiple discussions were held, over a period, before reaching a consensus.
Armstrong also felt that the organization had established itself too quickly. For instance, the employees numbered 1,250, in early 2021. However, Coinbase did have a strategy in place, to help itself cope during crypto winters. This strategy included increasing the number of employees.
Nonetheless, all the explanations in the world do not excuse the exchange’s treatment of its employees. To illustrate, many employees received no warning about their laying off. They just found themselves being locked out of their computer systems. Thus, they could not even wish goodbye in a formal way, to their employer, or co-workers.
Brian Armstrong has an answer for this kind of behavior, too. He declares that the global economy is undergoing a recession. In turn, this would set up another long crypto winter. Ultimately, the company would lose a significant amount of revenue.
Polygon has a Positive Outlook
Emulating Coinbase, other big companies laid off their employees, too. They include Huobi, BitPanda, Gemini, Crypto.com, BlockFi, ByBit, etc. Like Coinbase, these organizations did not inform their employees, before laying them off.
However, as mentioned earlier, Polygon behaves differently from its employees. It has a core component – SDK. It refers to a flexible and modular framework, which proves useful for developing all types of applications. New features come into play, replacing the old ones, via advanced technology. This way, Polygon can cater to the varied needs of users.
Polygon has a native token. It is $MATIC. The token serves to secure, and govern the network. It manages to do so, via staking. Thus, $MATIC stands for the digital currency of Polygon apps. There are 100s of such dApps in the Polygon ecosystem. It is easy for users to interact with any of them.
$MATIC is viewed as the lifeblood of the diverse Polygon chains. Whenever a user takes recourse to a dApp or engages in a transaction, he/she must make a payment. The value is small, and the mode of payment is $MATIC. Miners access these fees, in the form of incentives.
Finally, Polygon opts for the proof-of-stake (PoS) consensus mechanism. The main idea is to facilitate speedier and easier transactions.
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