Jaynti Kanani announces departure from Polygon
Polygon, formerly known as Matic Network, was founded by Jaynti Kanani, Sandeep Nailwal, and Ankit Gupta.
Co-founder Jaynti Kanani announced his departure from Polygon Technology on social media.
"After kickstarting in 2017, around 6 months back, I decided to step back from the day-to-day grind," Kanani posted on X.
"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," he wrote in the post.
Reacting to Jayanti's post, Co-founder Sandeep Nailwal replied, "Man this makes me emotional. What a ride we've had together brother. But its just the start for Polygon, 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."
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Polygon, formerly known as Matic Network, was founded by Jaynti Kanani, Sandeep Nailwal, and Ankit Gupta.
Polygon Technology is a Web3 company that has seen meteoric growth in recent years. Founded in 2017, it is a layer-2 scaling solution for the Ethereum blockchain to improve the speed, scalability, and cost-effectiveness of Ethereum transactions.
It has over 28,000 contract creators, 219 million unique addresses, and processed over 2.4 billion transactions. Polygon is also home to an ecosystem of decentralized applications (DApps), including decentralized exchanges (DEXs), non-fungible token (NFT) marketplaces, and gaming platforms.
In 2020, a year after launching mainnet, Polygon partnered with Binance to launch the Binance Smart Chain Bridge.
Next year, Polygon rebranded from Matic Network to Polygon. In the same year, it raised $100 million in a Series A funding round led by Sequoia Capital India and launched its Polygon PoS chain, a proof-of-stake sidechain that offers faster transaction times and lower fees than the Ethereum mainchain. Polygon also partnered with Meta to launch a social token framework for Facebook and Instagram.
Edited by Kanishk Singh