Is Polygon About To Go Under?

https://beincrypto.com/polygon-loses-more-than-2-billion-in-total-value-locked/ - 30 May 2022

Polygon has played a great role in solving the scalability problems associated with the use of blockchain technology. According to Be[In]Crypto Research, the Layer 2 scaling solution has lost 53% in total value locked since the start of the year. On Jan 1, Polygon had a TVL of around $5.44 billion, and this declined to around $2.55 billion on May 29.

Note that TVL is now down to $898m, they've lost over 60% of TVL in the course of a year.

https://www.fxstreet.com/cryptocurrencies/news/polygon-investors-resort-to-dormancy-as-matic-price-nears-13-month-low-for-the-second-time-202308050248 - 08 May 2023

MATIC price decline leaves investors dormant

MATIC price is currently trading at $0.661 after falling by nearly 23% since mid-July. In doing so, the altcoin fell through the 50-day Exponential Moving Average (EMA) as well as the $0.742 support level. The altcoin is now inching closer to $0.585, the support level that was last tested in June this year. The only time before then was back in July 2022, when the altcoin breached through it to rally ahead.

https://www.reuters.com/technology/crypto-firm-polygon-labs-lays-off-20-workforce-2023-02-21/ - 02 February 2023

Polygon Labs said on Tuesday it has laid off 100 employees, or nearly 20% of its positions, after it combined multiple business units earlier this year, making it the latest digital asset company to execute job cuts.

Employees will each receive three months of severance pay, regardless of their level or tenure at the company, it said in a blog.

Yesterday, y00ts by DeGods returned $3m in grant money provided by Polygon in favor of leaving for Ethereum. Why would you turn down this much money if things weren't unwell over at Polygon?

https://twitter.com/y00tsNFT/status/1689404418289184768

This is entirely speculation, but how bad are things at Polygon? Laying off staff, TVL dramatically shrinking, volume is plummeting, price is rolling over, company is losing money, network growth is stagnating. I'd excuse most of this as just being "bear market things", but when founders are turning down millions of dollars in grants to opt for Ethereum mainnet, that's not just indicative of "our NFT collection isn't doing well on Polygon", that's indicative of "we are willing to let go of millions of dollars in funding to not host our collection on Polygon". In the face of all of this, why would you use Polygon over the numerous other L2s/rollups now available? What is happening over at Polygon HQ?