The cryptocurrency market has had to deal with major crises, bankruptcies and collapses recently. While macroeconomic conditions have hit the stocks and cryptocurrency markets, leading exchanges such as Coinbase, Kraken, KuCoin and Gemini have announced that they are reducing their staff numbers. Speaking at the Qatar Economic Summit, Tesla CEO Elon Musk announced that the electric car manufacturer would make new layoffs. According to Reuters, the manager will lay off 10 percent of his salaried employees.
According to a Bloomberg report, Polygon (MATIC) plans to increase its overall headcount by more than 40% this year. According to the report released today, Polygon is looking to add 200 more people to its team by the end of the year. Bhumika Srivastava, head of human resources, announced that the new staff will include engineers, developers, software professionals and executives. Unlike many companies that went bankrupt after the domino effect of the Terra (LUNA) crisis, Polygon's increase in staff is proof that the project is sustainable and functional in the long run.
Polygon has again created a stir after a series of recent developments in the network. Lead analyst Lark Davis confirmed that MATIC has surpassed two billion transactions. This is a significant development for Polygon, one of the Ethereum (ETH)-based scaling solutions. Also, Polygon-based transactions are starting to overtake Ethereum. Since the inception of Polygon, Ethereum has been able to complete more than 1.5 billion transactions. Despite the Merge update, Polygon's performance this quarter surpassed Ethereum's. According to crypto data firm Santimet, Polygon processed an average of twice as many transactions this quarter compared to Ethereum.
Also, according to Polygon Twitter account Polygon Daily, the network has reached a new milestone for Polygon-based NFTs. According to the current tweet, sales volume of NFTs reached an all-time monthly high on Polygon with $100 million in August. This is the first time Polygon has crossed the $50 million mark since its previous best performance in February 2022. Recently, the largest NFT exchange OpenSea allowed users to list and buy their native tokens on Polygon.