Crypto Market Woes: Another Resignation Hits Polygon

After assisting in the project’s founding in 2017, Polygon co-founder Jaynti Kanani disclosed on Tuesday that he has not been working on it on a daily basis for the last six months due to “new adventures.”

Wednesday, Kanani tweeted, “I decided to step back from the day-to-day grind.” The creator declared that he is still “bullish on Polygon 2.0” and in Polygon’s future.

Another Resignation Hits Polygon

Kanani is now the third of the ten co-founders of Polygon to make an announcement about their resignation this year. Additionally, several senior exits in the crypto business might be a warning indication of danger, even if they are not exclusive to digital money.

Sam Trabucco, the former CEO of Alameda Research, resigned in August of last year, three months before to the catastrophic collapse of FTX. The venture head of Uniswap Labs, Matteo Liebowitz, announced his resignation last week, raising rumours that the firm is struggling under SEC inquiry even after a recent court victory.

Crypto Market Woes: Another Resignation Hits Polygon,Crypto Market Woes: Another Resignation Hits Polygon

The CEO and creator of the cryptocurrency exchange Kraken, Jesse Powell, resigned under criticism for his “anti-woke” views and the company’s $30 million settlement with the SEC. Furthermore, a lot of talk has focused on how quickly Binance and Binance US executives have left after the cryptocurrency exchange came under SEC scrutiny.

To be honest, it’s very plausible that at the same time, each of the departed founders chose to embark on other endeavours. It’s also true that Polygon has had a difficult year.

Decrypt reached out to Polygon Labs for comment, but they didn’t hear back.

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A multi-chain ecosystem is used by Polygon, an Ethereum layer-2 scaling solution, to facilitate more affordable, quicker, and private transactions. According to CoinGecko, its governance token, MATIC, is valued at $5.2 billion, making it the thirteenth-largest cryptocurrency by market capitalization.

Kanani, along with Anurag Arjun, Mihailo Bjelic, and executive chairman Sandeep Nailwal, co-authored the Polygon whitepaper in addition to being one of the ten co-founders of the company.

Co-founder Arjun departed the business in March to focus on Avail, a modular blockchain spinoff project. Subsequently, Marc Boiron, the company’s previous chief legal officer, took over as president of Polygon Labs after Ryan Wyatt resigned.

In the months after it peaked in December 2021, MATIC has fallen 80%, from $2.92 to exactly $0.56. CoinGecko reports that competing currencies, including as Cardano (ADA), Solana (SOL), Polkadot (DOT), and Avalanche (AVAX), have all decreased by more than 90% from their respective peaks that year, despite the situation being dire.

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Polygon continues to outperform most of its rivals in the decentralised financial space, with a total value locked (TVL) of $794 million, the fifth-highest among other networks. With $1.7 billion TVL, Arbitrum, a rival in the field of Ethereum scaling, is ahead of it.

Crypto Market Woes: Another Resignation Hits Polygon,Crypto Market Woes: Another Resignation Hits Polygon,Crypto Market Woes: Another Resignation Hits Polygon

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