Polygon Labs announced its second round of layoffs in 2026 on Thursday, while 1inch co-founder Anton Bukov revealed he was fired in November 2025. The moves come as both companies reorganize around commercial priorities, with their tokens trading near all-time lows.
Layoffs at Polygon Labs
CEO Marc Boiron said Polygon Labs is completing its transformation from a blockchain foundation to a blockchain-enabled payments company, targeting profitability in 2027. The company cut roughly 100 roles in 2023, another 60 in 2024, and around 60 more in January 2026 after its deal to acquire Coinme and wallet developer Sequence. The latest round was not given a specific number in the announcement.
Despite the cuts, the business side shows some momentum. Stablecoin supply on Polygon stands at $3.36 billion, the eighth-largest on any blockchain. The network says volume hit a record $9.12 billion in June 2026. Visa added Polygon to its stablecoin settlement program earlier this year. Polygon Foundation CEO Sandeep Nailwal said a third of the team built 13 AI projects in a three-day sprint.
1inch co-founder fired
Anton Bukov, co-founder of 1inch, said he was fired from the company he helped create despite holding a 50% stake. He retains no operational or security oversight. Bukov is now building Second Tier, an infrastructure startup. The timing of the firing — November 2025 — only came to light this week.
Token prices and holder concerns
Polygon (POL) hit an all-time low of $0.068 on July 1 and traded at $0.0838 at press time, down nearly 64% in a year. 1inch (1INCH) trades at $0.0739, down 78% over the same period, after its own all-time low on June 6. One long-term POL holder questioned how Polygon Labs' success as a for-profit payments company will create value for POL holders, given POL is 98% below its all-time high and holders have no equity or claim on profits.
Industry trend: commercial discipline
The pattern is clear: crypto firms are shedding protocol-era talent in favor of commercial discipline. The question that remains unresolved — and one that token holders are increasingly asking — is whether the pivot to profitability will actually benefit the people who hold the tokens. Polygon Labs hasn't answered that yet.
