Polygon Co-founder Jaynti Kanani Steps Down From Duties

Jaynti Kanani, the co-founder of the blockchain platform Polygon, has announced a decision to step back from his full time duties in the company.

In a post made on the social media platform X (formerly Twitter) Kanani said:

“After kick starting 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 sidelines.”

Formerly known as Matic Network, Polygon was founded in 2017 by software engineers including Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. The platform aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks. According to its official website, Polygon and its projects have a total of 10 co-founders.

The company has been experiencing some changes with its personnel since this year. In June, the chief legal officer, Marc Boiron, was promoted to CEO and President Ryan Wyatt stepped down to serve in an advisory role.

Earlier in March, co-founder Arjun departed the company in order to spin off the blockchain data availability protocol Avail, which he co-created.

It is a modular blockchain that allows developers to build customizable and scalable applications. By using Avail, builders can make their applications fast and efficient.

Kanani Bullish on Polygon 2.0

Kanani also mentioned in the tweet that he is “bullish” on Polygon 2.0. Initially introduced in June, Polygon 2.0 plans to establish a comprehensive network of interconnected Layer 2 chains, driven by zero-knowledge proofs.

Last month, the platform began accepting improvement proposals aimed at transitioning the network into a value layer. Polygon Labs has released three Polygon Improvement Proposals (PIPs) that include the outline of the transition, specifications for the upgraded Polygon 2.0 architecture and updates to its native token.

The new ecosystem will be made up of four protocol layers focused on staking, interop, execution and proving. The final Polygon 2.0 upgrade is expected next year.

Currently, the network’s native token MATIC is down 1.16% in the last 24 hours, trading at $0.55, according to data from CoinStats.