Sandeep Nailwal has taken charge of Polygon Foundation

📌 Sandeep Nailwal has taken charge of Polygon Foundation, becoming its first CEO.

Polygon co-founder Sandeep Nailwal has taken full charge of Polygon Foundation, becoming its first CEO. This is a departure from the decentralized management model the organization had been following. . Polygon

-Polygon co-founder Sandeep Nailwal has taken full charge of Polygon Foundation, becoming its first CEO. This is a departure from the decentralized management model the organization had been following.

The foundation, which oversees Polygon Labs and other parts of the ecosystem, will now be led by Nailwal as he seeks to refocus the project amid increased competition in the second-tier space, according to a report for Cointelegraph.

“In the beginning, Polygon was focused on bold decisions and big goals. In 2021-23, we worked hard to institutionalize the project by bringing in some great people to the co-founding team, creating a board of directors and conducting a period of intensive technology research, Nailwal said.

The time has come to act quickly, decisively and with full confidence and focus, he added.

ailwal’s appointment comes amidst the challenges faced by Polygon. According to CoinMarketCap, the value of the project’s POL token has fallen more than 80% from its peak.

Among the priority reforms is a refocus on AggLayer, Polygon’s interoperability protocol that is supposed to unify disparate circuits. AggLayer v0.3 is expected by the end of the year, and the foundation plans to bring the protocol more in line with the Polygon brand.

In parallel, the foundation will stop supporting zkEVM in 2026, citing performance and development issues that have prevented developers from scaling it effectively.

Polygon proof-of-stake (PoS) chain is being upgraded to a “GigaGAS” chain designed for more than 100,000 transactions per second. The goal is to process payments at the pace of everyday life and secure trillions of tokenized assets.

Polygon aims to strengthen its position in payments with the upcoming Bhilai update in July, which is expected to deliver faster transaction completion, lower fees and integration with AggLayer. JPMorgan and Stripe are now partners in the project.

On May 24, Polygon co-founder Mihajlo Bjelic left the project. “After much consideration, I have decided to leave the Polygon Foundation board of directors and wind down my day-to-day activities at Polygon Labs, he said at the time.