Decentralized governance was abandoned when Sandeep Nailwal, a co-founder of Polygon Foundation, took over complete executive management.
As the Polygon Foundation’s first CEO, co-founder Sandeep Nailwal has assumed complete management of the organization. The action signifies a departure from the organization’s previously adopted decentralized governance paradigm.
According to a statement, the foundation, which is in charge of Polygon Labs and other ecosystem components, will now function under Nailwal’s direction as it looks to refocus in the face of growing competition in the layer-2 market.
“In the beginning, Polygon was all about huge ambitions and daring execution. Through establishing a board, onboarding some incredible individuals as co-founders, and intense tech research and exploration, we tried to institutionalize the initiative between 2021 and 2023,” Nailwal added.
“It’s time to move quickly, aggressively, and with complete conviction and focus once more,” he continued.
The appointment of Sandeep Nailwal coincides with Polygon’s ongoing difficulties. CoinMarketCap data shows that the project’s native POL cryptocurrency is still down more than 80% from its peak.
AggLayer will be the focus of Polygon Foundation.
One of the most urgent improvements is a renewed emphasis on Polygon’s AggLayer, an interoperability protocol designed to bring disparate chains together. By the end of the year, AggLayer v0.3 should be available, and the foundation intends to make the protocol more widely known under the Polygon name.
In 2026, the foundation plans to sunset the zkEVM chain, citing development and performance limitations that hindered builders’ ability to grow efficiently.
With a goal of more than 100,000 transactions per second, the Polygon proof-of-stake (PoS) chain is transformed into a “GigaGAS” network. The objective is to safeguard trillions of tokenized assets while processing payments at the speed of daily life.
Polygon also hopes to improve its payment position with the July Bhilai update, which is anticipated to deliver quicker finality, reduced gas prices, and integration with AggLayer. Stripe and JPMorgan are currently partners in the initiative.
Polygon’s co-founder leaves.
Mihailo Bjelic, a co-founder of Polygon, resigned on May 24. “I’ve decided to resign from the Polygon Foundation board and end my daily involvement with Polygon Labs after giving it much thought,” he stated.
Two of Polygon Labs’ founders, Jayanti Kanani and Anurag Arjun, have also left the company over the last two years.