Jaynti Kanani Resigns from Polygon Co-Founder Role

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Oct 6, 2023 at 07:51 am

Jaynti Kanani, one of the founders of Polygon, a prominent Ethereum layer 2 solution, has announced his decision to step back from active involvement in the network's day-to-day operations. Alongside Sandeep Nailwal and Anurag Arjun, Kanani co-established Polygon back in 2017. He revealed this transition in a post on X (previously Twitter), explaining that he made this choice approximately six months ago. Kanani expressed his intention to explore new endeavors while still offering support and contributions to Polygon from a more peripheral position.

Co-founder Sandeep Nailwal responded with sentiments of wishing they could have continued their journey together at Polygon for a longer duration. This shift in roles comes after Polygon Labs, the company overseeing the network, witnessed changes in its top leadership in July. This restructuring led to the promotion of Marc Boiron, the former chief legal officer, to the position of CEO, while President Ryan Wyatt transitioned into an advisory capacity.

Despite this development, the network's native token, MATIC, has remained relatively stable, maintaining its value within the range of $0.55 to $0.58, a trend consistent since the beginning of the month. As of the latest update, it is valued at $0.58, marking a 3.5% increase over the past 24 hours. Polygon declined to provide additional comments regarding Kanani's departure upon inquiry by Bitsday.

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