Jaynti Kanani, co-founder of Polygon (MATIC), the Ethereum scalability network, announced on Wednesday (04) that he has decided to step away from his full-time role in the company he helped start in 2017. Kanani made the announcement on his X social media account (formerly Twitter) and stated that he will continue to support the platform from a distance.
“After starting Polygon in 2017, about 6 months ago, I decided to step away from the daily routine. I am more confident in the bright future and passionate community of Polygon. I will be focusing on new adventures while still cheering on and contributing to Polygon from the outside,” Kanani said.
Alongside software engineers Sandeep Nailwal, Anurag Arjun, Mihailo Bjelic, and other professionals, Kanani helped found the MATIC network in 2017, which was later renamed Polygon. According to the website, the company has a total of 10 co-founders, including Arjun and Kanani.
Polygon has lost some of its leadership recently, with Anurag Arjun leaving the company earlier this year to develop the modular blockchain project Avail. Kanani’s departure marks another loss for the organization.
Polygon is a blockchain platform aimed at creating a multi-chain blockchain system compatible with Ethereum. Like Ethereum, it uses a proof-of-stake consensus mechanism to process transactions on the blockchain.
Its native token is MATIC, which has experienced a 1.5% decline in the last 24 hours, currently priced at $0.56, according to CoinGecko data.
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