Jaynti Kanani Stepping Back from Daily Operations at Polygon
Jaynti Kanani, co-founder of Ethereum Layer 2 platform Polygon, has announced that he is stepping back from the network’s daily operations. Kanani, along with Sandeep Nailwal and Anurag Arjun, founded Polygon in 2017. In a post on X (formerly Twitter) last Wednesday, Kanani revealed that he had decided to take a step back about six months ago. His intention now is to focus on ‘new adventures’ while continuing to support Polygon as an external advisor.
Reactions and Restructuring
Sandeep Nailwal, co-founder, responded to the news by expressing his well wishes to Kanani, stating, ‘I wish we could continue this crazy adventure together at Polygon. But you have to do what you need to do.’ It is worth noting that Polygon Labs, the company behind the network, underwent some major changes in July. Marc Boiron, the legal director, was promoted to CEO while President Ryan Wyatt decided to step down and serve as an advisor.
Impact on the Market?
Contrary to expectations, Polygon’s native token, MATIC, appears resilient in the face of this announcement. The token has remained stable, currently valued at $0.56 at the time of writing.
