April 19, 2024
Polygon Co-Founder Takes a Step Back: What Lies Ahead for Polygon 2.0?
Latest Cryptocurrency News

Polygon Co-Founder Takes a Step Back: What Lies Ahead for Polygon 2.0?

Jaynti Kanani, a co-founder of Polygon, said on Tuesday that he’s been away from the project’s daily work for the past six months after leaving to pursue “new adventures” after helping to start it in 2017.

On Wednesday, Kanani tweeted, “I decided to step back from the day-to-day grind.” The developer expressed his continued optimism for Polygon’s future and declared himself “bullish on Polygon 2.0.”

https://twitter.com/sandeepnailwal/status/1709577134933410008

Kanani is now the third of the ten co-founders of Polygon to publicly announce their resignation this year. Additionally, although it is not exclusive to digital finance, repeated management exits might be a harbinger of danger in the cryptocurrency business.

Sam Trabucco, the former CEO of Alameda Research, resigned in August of last year, three months before FTX’s disastrous collapse. Uniswap Labs venture head Matteo Liebowitz announced his resignation last week amid rumours that the project isn’t doing well while under SEC investigation, despite its recent court victory. The founder and CEO of the cryptocurrency exchange Kraken, Jesse Powell, resigned after criticism of his “anti-woke” views and the company’s $30 million settlement with the SEC. And since the cryptocurrency exchange came under the SEC’s scrutiny, much has been said about the speed at which Binance and its US executives have left the company.

Co-founder Arjun departed the business in March to focus on Avail, a modular blockchain spinoff project. Later, the former Chief Legal Officer of the business, Marc Boiron, took over as President of Polygon Labs after Ryan Wyatt resigned from his position.

MATIC has decreased by 80% from its all-time high of $2.92 in December 2021 to barely $0.56 now. Even while it may seem hopeless, competing currencies like Avalanche (AVAX), Polkadot (DOT), Solana (SOL), and Cardano (ADA) have all declined more than 90% from their respective peaks that year, as reported by CoinGecko.

In terms of decentralized financing, Polygon continues to be ahead of most rivals, with the fifth-highest total value locked (TVL) among networks at $794 million. Arbitrum, one of its rivals in the field of Ethereum scaling, is in front of it with $1.7 billion in TVL.

Investors have long relied on TVL as the standard indicator for assessing the condition of DeFi ecosystems. TVL stands for the worth of digital assets that are currently stored on a blockchain.

On-chain metrics seem to be in good shape, but Polkadot’s regulatory status might not be.

The Securities and Exchange Commission (SEC), which was sued by Coinbase in June, identified MATIC as one of several tokens offered by the exchange that it believed to be unregistered securities. ADA and SOL were two more parties involved in the debate. At the time, Polygon Labs rejected the SEC’s charge and pointed out that it had disseminated MATIC to non-American investors.

The business is currently preparing to switch to Polygon 2.0, a network of layer-2 chains that are connected and driven by zero-knowledge technology. With the update, Polygon’s existing MATIC token will become POL.

Image: Wallpapers.com

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