Sandeep Nailwal Becomes CEO of Polygon Foundation in Leadership Overhaul
Polygon has appointed co-founder Sandeep Nailwal as CEO of the Polygon Foundation, initiating a significant leadership change and new strategic direction.
- Nailwal aims to consolidate control and shift focus towards AggLayer, a cross-chain liquidity protocol.
- His responsibilities include long-term planning and enhancing value for POL stakers.
- Polygon's total value locked (TVL) has decreased to around $1 billion, nearly 90% lower than its June 2021 peak of $9.79 billion.
- The platform faces competition from newer Ethereum scaling solutions, with its zkEVM rollup ranking 27th by TVL among layer-2s.
- Polygon plans to phase out the zkEVM Mainnet Beta by 2026 due to adoption challenges.
- The focus will return to the PoS sidechain, targeting real-world financial assets and aiming for 100,000 transactions per second.
- Nailwal noted that recent SEC clarity on MATIC, now POL, may boost market activity.