Polygon co-founder Jaynti Kanani steps down after six years with project

Jayanti Kanani, one of the pioneering figures behind Polygon (MATIC), announced his exit from the day-to-day operations of the company. Announcing his departure on X (formerly Twitter):

“After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind… I’m more confident in Polygon’s bright future and passionate community. I’ll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines.”

Sandeep Nailwal, Polygon’s other co-founder, admitted on social media to being ‘emotional‘ over Kanani’s departure, but wished his partner well, writing: “Lets keep pushing Polygon ahead together, inside or outside of Polygonlabs, it doesn’t matter.”

Polygon’s big year

Polygon has seen significant developments in 2023, with the announcement of Polygon 2.0 standing out as the most notable. Polygon 2.0, a substantial upgrade from its predecessor, is designed to establish the network as the “value layer of the internet.” This upgrade aims to provide a network of Layer 2 chains powered by ZK proofs and a novel cross-chain coordination protocol, promising unlimited scalability and unified liquidity.

Another notable achievement in 2023 was the open-sourcing of Polygon’s Web3 ID solution. This move allows developers to employ zero-knowledge proofs to manage user credentials and identities privately. The toolset enables the use of off-chain data for on-chain verification, widening its applicability across various sectors including KYC verification, e-commerce, and DAO administration.

In a partnership move that bolsters the security and trustworthiness of its platform, Polygon included Google Cloud as a validator on its proof-of-stake network. The inclusion of the infrastructure that powers YouTube and Gmail offers additional security to the network.

Speed bumps

However, the road for Polygon was not completely smooth in 2023. The SEC’s charge against Coinbase for securities violations listed Polygon as one of the crypto tokens considered to be an unregistered security. Polygon Labs was not charged with any wrongdoing in that case, but the development presents a significant regulatory challenge.

Nevertheless, Kanani leaves Polygon as one of the clear web3 success stories since its launch, weathering depressed market sentiment while continuing to improve its product. Still, the regulatory challenges presented this year underline the complex landscape that Polygon, like many others in the crypto space, must navigate.

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