Polygon Foundation is set to take a shift away from decentralized governance following the emergence of Sandeep Nailwal as its first-ever Chief Executive Officer. The new CEO confirmed the development on Wednesday through a post on his official page on X. 

According to the latest development, the foundation and other key parts of the ecosystem will now operate under the leadership of Nailwal. Furthermore, in the announcement, Nailwal disclosed that he’s on a mission to realign the project.

He mentioned how the growing competition in the layer-2 landscape forced the decision. It is worth noting that the Polygon in recent times has battled with leadership issues.

Last month, Mihailo Bjelic, one of the co-founders of the project, departed from his role. In a statement, Bjelic disclosed that after much reflection, he has decided to step down from the board of Polygon Foundation. 

Additionally, other early developers of the project like Jaynti Kanani and Anurag Arjun have stepped down from their roles in recent times. Nailwal went on to clarify that Polygon Labs, one of the major contributors to the project, will continue to have Marc Boiron as its CEO. 

Sandeep Nailwal gives insight into the new focus of the Polygon Foundation 

The new CEO went on to state some of the motives behind the move. He discussed how he has focused on building the Polygon Foundation as an institutionally governed entity. 

However, Nailwal said the need for clear direction and focused execution mandates that he step up. The CEO went on to narrate how the foundation is in a good financial position to build for the long term, thanks to its healthy treasury and cash reserves. 

By that, the new CEO stated that the Polygon Foundation is under no pressure to raise funds for future projects. Further, he gave insights into some of the projects the foundation will work on in the near future. 

According to the new CEO of Polygon Foundation, the project will focus on making the network more accommodating for stablecoin payments and RWAs. Similarly, he mentioned a renewed interest in the project’s AggLayer — an interoperability protocol that is designed to unify various blockchain networks. 

While narrating that the AggLayer v0.3 will launch by the end of 2025, he stressed that the protocol will become more visible under the Polygon brand. He also discussed how the project aims to enhance the throughput of the Polygon network to achieve a 1,000+ TPS before the end of the year.

Read More:

• CFTC commissioner steps down to become Blockchain Association CEO
• VanEck launches tokenized fund on Securitize
• ChainGPT expands to Solana, to empower users with next generation of AI tools

The post Sandeep Nailwal emerges as new Polygon Foundation CEO, ends decentralized governance appeared first on BinBits.