On Thursday, July 16, Polygon Labs [POL] CEO Marc Boiron announced the second round of layoffs for 2026.
Polygon was in the final stages of completing the Coinme acquisition, and this move will help transition the blockchain company towards a “blockchain-enabled payments company”, the CEO wrote in a post on X.
Hence, the “difficult, but necessary” decision to let people go was made. This was the company’s fourth wave of reductions dating back to February 2023.
Coinme, the crypto exchange, and Sequence, the wallet infrastructure firm, were acquired for $250 million in January 2026. Layoffs of 60 staff members back then had been because the company was pivoting to a payment focused blockchain. They were part of restructuring after the acquisitions, a spokesperson had said.
The vision for the Polygon Open Stack is to enable seamless money transfers onchain, explaining the need for these acquisitions and their integrations.
Specific figures were not shared for Thursday’s layoffs.
The path ahead for POL
It was reported that a Polygon representative observed that the Polygon Labs and Polygon Foundation were legally and structurally distinct entities. The acquisitions and commercial vision of the former has been laid out.
Meanwhile, the Foundation is tasked with network upgrades, treasury, and ecosystem. POL, the network’s native token, was down nearly 94% from its all-time highs. Its holders have no equity and no claim in Polygon Labs’ future profits.
As such, the token’s bearish price action could be set to continue in the long-run, unless network utility picks up, creating more demand and forcing more token burns through the deflationary mechanic.
The A/D indicator signaled buying pressure in July, and the DMI showed an uptrend in progress. Yet, the technical indicators did not capture the longer-term downtrend.
POL was down 56% since making a high of $0.186 in January earlier this year. The gains in July were not enough to shift the trend bullishly. A price move beyond $0.095 is needed.
Beyond the price action of the past six weeks, increased network usage and organic POL demand is needed to drive its recovery.
Final Summary
- Polygon Labs CEO Marc Boiron announced the second round of layoffs for 2026, as the firm moved to finalize the Coinme acquisition.
- The Polygon Open Money Stack vision envisioned as a seamless, global, blockchain-based payments platform.
