Sandeep Nailwal, co-founder of Polygon, has officially taken full control of the Polygon Foundation, becoming its first CEO. This significant move marks a shift for the organization from the previously adopted decentralized governance model to a new stage of development.
According to Cointelegraph, the foundation, responsible for overseeing Polygon Labs and other branches of its ecosystem, will operate under Nailwal's leadership with the aim of refocusing its strategic direction in an increasingly competitive Layer 2 landscape.
"In the initial phase, Polygon focused on bold execution and grand goals. During the 2021-23 period, we truly worked to institutionalize the project by bringing in a group of outstanding co-founders, establishing a board, and conducting intensive technical research and exploration," Nailwal said.
"Now, it is time to act quickly again, to be proactive, and to advance development with confidence and focus," he added.
Nailwal's appointment comes at a time when Polygon continues to face challenges. According to CoinMarketCap, the price of the project's native token, POL, has fallen by more than 80% from its peak.
One of the most urgent reform measures is to refocus Polygon's AggLayer, an interoperability protocol aimed at unifying decentralized blockchain networks. AggLayer v0.3 is expected to launch by the end of the year, and the foundation plans to more clearly integrate the protocol under the Polygon brand system.
Meanwhile, the foundation will terminate the operation of the zkEVM chain by 2026, citing performance and development bottlenecks that make it difficult for developers to effectively scale applications.
The Polygon Proof of Stake (PoS) chain is being upgraded to a "GigaGAS" chain, aiming to achieve the capability of processing over 100,000 transactions per second. This upgrade is designed to handle payment transactions at the pace of daily life while securing tokenized assets worth trillions.
Polygon further plans to strengthen its position in the payment sector with the upcoming Bhilai upgrade in July, which is expected to bring faster final confirmation times, lower gas fees, and seamless integration with AggLayer. Currently, the project's partners include financial giants such as JPMorgan and Stripe.
On May 24, Polygon co-founder Mihailo Bjelic announced his resignation from the project. "After careful consideration, I have decided to resign from the Polygon Foundation board and gradually end my day-to-day work at Polygon Labs," he said at the time.
In the past two years, early founders of Polygon Labs, Jaynti Kanani and Anurag Arjun, have also left the company.
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Original article: “Sandeep Nailwal Takes Control of Polygon Foundation as First CEO”
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