02-22-2023, 05:08 PM
Its understandable why Polygon is doing some layoffs, but maybe it is worrisome
<!-- SC_OFF --><div class="md"><p>Going to add a disclaimer here that Polygon is my second biggest bag and by far my best performer.</p> <p>Im massively bullish on Polygon as a long-term project. Yes im aware it has a centralization and multisig issue, but it has a big presence in social media, NFT markets, defi, gaming, and scaling solutions. A company that can flex this kind of versatility this early on is impressive.</p> <p>Today a founder, Sandeep, announced theyre culling their staff by about 20% (100 employees), but another thing he mentioned was that they currently hold <strong>$250M and 1.9B MATIC</strong>. Last year though they raised <strong>$450M</strong> in a funding round, and their token has also done almost a 4x since it hit its bottom so how did they burn through all this money? Its one thing if they were maybe overleveraged during the bull market, but their rise has largely started from the market bottom.</p> <p>In what has been a horrible bear market for some cryptos Polygon has seen an unprecedented amount of success, but maybe this is coming at a large cost with ~2 years of runway left before selling off their tokens in treasury. $250M in liquid cash isnt really all that much in the wild west of crypto, Harmony One comes to mind about how one hack or exploit can really decide if you sink or swim.</p> <p>Are any of you Polygon holders concerned? Its nice to see theyre taking steps to be more prudent, but do you think Polygon spent too much trying to get ahead during the bear market? Were you alarmed at all at these numbers or do you see it as the cost of doing business?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/marsangelo"> /u/marsangelo </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/118h99d/its_understandable_why_polygon_is_doing_some/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/118h99d/its_understandable_why_polygon_is_doing_some/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>Going to add a disclaimer here that Polygon is my second biggest bag and by far my best performer.</p> <p>Im massively bullish on Polygon as a long-term project. Yes im aware it has a centralization and multisig issue, but it has a big presence in social media, NFT markets, defi, gaming, and scaling solutions. A company that can flex this kind of versatility this early on is impressive.</p> <p>Today a founder, Sandeep, announced theyre culling their staff by about 20% (100 employees), but another thing he mentioned was that they currently hold <strong>$250M and 1.9B MATIC</strong>. Last year though they raised <strong>$450M</strong> in a funding round, and their token has also done almost a 4x since it hit its bottom so how did they burn through all this money? Its one thing if they were maybe overleveraged during the bull market, but their rise has largely started from the market bottom.</p> <p>In what has been a horrible bear market for some cryptos Polygon has seen an unprecedented amount of success, but maybe this is coming at a large cost with ~2 years of runway left before selling off their tokens in treasury. $250M in liquid cash isnt really all that much in the wild west of crypto, Harmony One comes to mind about how one hack or exploit can really decide if you sink or swim.</p> <p>Are any of you Polygon holders concerned? Its nice to see theyre taking steps to be more prudent, but do you think Polygon spent too much trying to get ahead during the bear market? Were you alarmed at all at these numbers or do you see it as the cost of doing business?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/marsangelo"> /u/marsangelo </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/118h99d/its_understandable_why_polygon_is_doing_some/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/118h99d/its_understandable_why_polygon_is_doing_some/">[comments]</a></span>