Polygon Co-Founder Jaynti Kanani Steps Down

Co-founder of Ethereum layer 2 Polygon Jaynti Kanani has said he is stepping back "from the day-to-day grind" of working on the network.

Kanani, who founded Polygon in 2017 alongside Sandeep Nailwal and Anurag Arjun, announced his plans in a post on X (formerly Twitter) on Wednesday, saying he "decided to step back" about six months ago and that he would be "focusing on new adventures while still cheering and contributing to Polygon from the sidelines."

Co-founder Sandeep Nailwal responded to the post by saying, "I wish we could've done more for longer together in this crazy journey that is Polygon. But hey, you got to do what you got to do."

Polygon Labs, the company behind the network, had a shakeup of its top brass in July which saw chief legal officer Marc Boiron promoted to CEO and President Ryan Wyatt stepping down to serve in an advisory role.

The network's native token MATIC at the moment is unfazed by the news, remaining in the $0.55-0.58 range that it has held since the start of the month. At the time of writing, it is priced at $0.58, up 3.5% in the last 24 hours.

Polygon declined to comment on Kanani's departure when contacted by CoinDesk.

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