- Sandeep Nailwal has assumed the role of Polygon Foundation CEO
- Nailwal becomes the first to occupy the role within the foundation
- The foundation supports the functioning of Polygon Labs, which operates Ethereum layer 2 Polygon
Sandeep Nailwal, the co-founder of Ethereum layer 2 Polygon, has taken full control of the Polygon Foundation as its CEO. Nailwal said the move is meant to give the scaling layer a clear direction and focused execution, adding that he has been building the foundation in the background to turn it into a properly governed institution. The move has sparked mixed reactions from the community, with some arguing that it contradicts decentralization principles, while others contend that this type of reboot can yield successful outcomes.
Next Polygon Phase Needs Stepping Up
In an X post, Nailwal said that assuming the CEO position was part of him stepping up to direct the next phase of Polygons growth. He disclosed that Marc Boiron will remain the CEO of Polygon Labs.
Nailwal noted that the foundation has enough funds to support Polygons next phase without any distractions or pressure to raise [additional funds]. He also announced much-needed changes designed to increase the value of the scaling layers native token, POL .
Some of the changes include focusing more on Polygon PoS and Agglayer. Polygon PoS will handle everything from payments to real-world assets (RWAs) while Agglayer will settle on building a trustless Internet of blockchain s.
Boosting the Transaction Speed to 100,000 TPS
According to Nailwal, Polygon PoS is ready to handle 1,000 transactions per second (TPS), and theres a clear path to scale it to 100,000 TPS. He also disclosed that Agglayer v0.3 will launch in the week of June 30.
Nailwal also disclosed that the foundation will engage in educational campaigns to ensure everyone is aware of the upgrade of MATIC to POL. Nailwals move to become the foundations CEO comes two weeks after Mihailo Bjelic , a Polygon co-founder, cut ties with both Polygon Labs and the foundation.
With Nailwal becoming the first Polygon Foundation CEO and announcing new changes, it remains to be seen whether the move will help popularize the Polygon brand.
