After years of making decisions through consensus, Polygon Foundation finally has a CEO. Co-founder Sandeep Nailwal will take unilateral control of the entity, which oversees Polygon Labs and other units.
Nailwal will guide Polygon Foundation’s long-term strategy, oversee key ecosystem initiatives, and help ensure the foundation delivers greater value to Polygon stakeholders, the company said in a statement.
Polygon Labs is a leading Ethereum (a decentralised, open-source blockchain platform) scaling and infrastructure development platform. Nailwal had shaped its early community and spearheaded the building of the blockchain and the DeFi (decentralised finance) ecosystem in Web3. He has also played a key role in securing partnerships and aligning the ecosystem with Ethereum’s long-term roadmap, said the company.
“At our beginnings, Polygon was all about bold execution and big goals. During 2021-23, we made a real effort to institutionalise the project by onboarding some amazing people as co-founders, set up a board. and had a period of intense tech research and exploration. Now, it is time to again move fast, aggressively and with full conviction and focus,” said Nailwal, in the statement.
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Polygon also said that Polygon zkEVM—a new kind of blockchain technology that helps Ethereum apps run faster and more cheaply, without changing how they’re built, will be phased out in 2026, given the increased focus on Polygon PoS.
The Polygon PoS (proof-of-stake) protocol allows developers to process transactions through the platform without having to send them through Ethereum, which can be slow and expensive.
According to the company, Polygon zkEVM lacked a strong strategic position and struggled to keep pace with the shift towards modular architecture. It has assured that all funds are safe, and bridged assets can be withdrawn without any restrictions.
Polygon is also launching a strategic liquidity initiative with FalconX, a digital asset platform for crypto trading, to strengthen POL’s accessibility and trading efficiency across exchanges.
POL is Polygon’s native token, which is compatible with other Ethereum cryptocurrencies.
Edited by Swetha Kannan
