3 days ago
Polygon co-founder Sandeep Nailwal has taken afloat enforcement power of the Polygon Foundation arsenic its first-ever CEO. The determination marks a displacement distant from the decentralized governance exemplary the enactment had antecedently embraced.
The foundation, which oversees Polygon Labs and different arms of the ecosystem, volition present run nether Nailwal’s cardinal enactment arsenic the task attempts to refocus amid mounting contention successful the layer-2 space, the task said successful an announcement shared with Cointelegraph.
“At our beginnings, Polygon was each astir bold execution and large goals. During 2021–23, we made a existent effort to institutionalize the task by onboarding immoderate astonishing radical arsenic co-founders, acceptable up a committee and had a play of aggravated tech probe and exploration,” Nailwal said.
“Now, it is clip to again determination fast, aggressively and with afloat condemnation and focus,” helium added.
Nailwal’s assignment comes arsenic Polygon continues to look challenges. The project’s autochthonal POL token remains down much than 80% from its peak, according to information from CoinMarketCap.
Polygon’s POL token is down 65% implicit the past year. Source: CMCRelated: Polygon NFTs deed $2B income milestone arsenic web defies downturn
Polygon Foundation to absorption connected AggLayer
Among the astir contiguous reforms is a renewed absorption connected Polygon’s AggLayer, the interoperability protocol that aims to unify fragmented chains. AggLayer v0.3 is expected by year-end, and the instauration plans to align the protocol much visibly nether the Polygon brand.
At the aforesaid time, the instauration volition sunset the zkEVM concatenation successful 2026, citing show and improvement bottlenecks that made it hard for builders to standard effectively.
The Polygon proof-of-stake (PoS) chain is being upgraded into a “GigaGAS” chain, targeting implicit 100,000 transactions per second. The extremity is for the task to beryllium capable to grip payments astatine the gait of mundane beingness and unafraid trillions of tokenized assets.
Polygon further aims to fortify its presumption successful payments with the upcoming Bhilai upgrade successful July, which is expected to bring faster finality, little state fees and integration with AggLayer. The project’s existent partners see JPMorgan and Stripe.
Related: Polygon CEO: DeFi indispensable ditch hype for sustainable liquidity
Polygon faces co-founder exodus
On May 24, Polygon co-founder Mihailo Bjelic stepped down from his role astatine the project. “After overmuch thought and reflection, I’ve decided to measurement down from the committee of the Polygon Foundation and upwind down my day-to-day engagement with Polygon Labs,” helium said astatine the time.
Over the past 2 years, 2 of Polygon Labs’ aboriginal founders, Jaynti Kanani and Anurag Arjun, besides stepped distant from the company.
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