Polygon, the Ethereum layer 2 scaling solution, witnesses co-founder Jaynti Kanani taking a step back from his day-to-day involvement with the network. Kanani, a key figure in the cryptocurrency space, co-founded Polygon in 2017 with Sandeep Nailwal and Anurag Arjun.
In a recent announcement on X (formerly Twitter), Kanani revealed that he had made the decision to step back approximately six months ago. He expressed his intention to explore new ventures while continuing to support and contribute to Polygon from a more peripheral role.
After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind.
I’m more confident in Polygon’s bright future and passionate community. I’ll be focusing on new adventures while still cheering and contributing to Polygon from the…
— Jaynti Kanani (JD) (@jdkanani) October 4, 2023
Co-founder Sandeep Nailwal responded to Kanani’s announcement by acknowledging their shared journey, stating, “I wish we could’ve done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do.”
This development follows a leadership shakeup at Polygon Labs, the entity behind the network, in July. Marc Boiron, formerly the chief legal officer, was promoted to CEO, while President Ryan Wyatt transitioned into an advisory role.
Despite this change in leadership, Polygon’s native token, MATIC, appears to be relatively unaffected, maintaining its price range of $0.55 to $0.58 throughout the month. At the time of writing, MATIC is priced at $0.58, marking a 3.5% increase in the last 24 hours.
In summary, Jaynti Kanani, a co-founder of Polygon, is stepping back from his active role in the project to pursue new adventures, while the network continues its operations with stability in the cryptocurrency market.