Quick take:
- Nailwall said that being the biggest POL token holder, he will be taking over the leadership of Polygon Foundation as its CEO.
- The polygon co-founder maintains that the Foundation’s strong cash position allows it to continue building for the future without seeking to fundraise.
- The Foundation plans to “depreciate Polygon zkEVM” next year to focus on building Polygon POS and Agglayer.
Sandeep Nailwall, a co-founder of layer-2 network Polygon has announced he is taking over as the CEO of Polygon Foundation. Nailwall said that Marc Boiron, the CEO of Polygon Labs, which is one of the many projects managed by the Foundation, will continue in his role.
The announcement comes amid the POL token’s declining price, which has now fallen more than 68% over the past six months.
Nailwall’s decision is partly driven by the urgency to bring more value to POL stakers. Among the action steps planned include making Polygon POS capable of handling over 5000 transactions per second, which according to Nailwall would “put Polygon PoS amongst the most performant blockchains by Sept-Oct timeframe.”
Polygon’s most recent fundraising of $450 million, which involved the sale of its native token POL (then MATIC) was announced in February 2022. The foundation has no plans to fundraise in the near future, with Nailwall maintaining that its strong cash position allows it to continue building for the future.
“The first milestone of the Polygon POS’s Gigagas roadmap is now live in testnet. This first upgrade pushes network capacity beyond 1,000 transactions per second in early July and it’s only the beginning,” Nailwall wrote on the X platform, adding that the organisation has “a clear path to scale to 100k+ TPS over the next few years.”
According to Nailwall, the upgrades will “massively increase the economic viability of Polygon protocol and thereby the value for POL stakers.”
As part of the Foundation’s new refocused strategy, plans are to “depreciate Polygon zkEVM” next year to focus solely on building Polygon POS and Agglayer.
Polygon POS’s main focus is stablecoin payments and real-world assets, while Agglayer’s focus is building “a trustless internet of blockchains”.
Nailwall believes that now that the SEC has dropped its investigations and cases against MATIC (now POL) as a security, it has opened the opportunity for “large market makers to come back to POL,” which strengthens the liquidity of the POL token on exchanges.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
