Co-founder Jaynti Kanani Announces Departure from Polygon
- ByStartupStory | October 6, 2023
Co-founder Jaynti Kanani has made a heartfelt announcement regarding his departure from Polygon Technology via social media. In his post, Kanani expressed his confidence in Polygon’s promising future and passionate community, despite stepping back from the day-to-day operations of the company approximately six months ago.
“After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind,” Kanani posted. “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 shared in his post.
Reacting to Jaynti’s announcement, Co-founder Sandeep Nailwal responded with emotion, saying, “Man, this makes me emotional. What a ride we’ve had together, brother. But it’s 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.”
Polygon, formerly known as Matic Network, was founded by Jaynti Kanani, Sandeep Nailwal, and Ankit Gupta. Polygon Technology is a prominent Web3 company that has experienced remarkable growth in recent years. Established in 2017, it functions as a layer-2 scaling solution for the Ethereum blockchain, designed to enhance the speed, scalability, and cost-effectiveness of Ethereum transactions.
Polygon boasts impressive statistics, including over 28,000 contract creators, 219 million unique addresses, and the processing of over 2.4 billion transactions. Additionally, Polygon hosts a thriving ecosystem of decentralized applications (DApps), encompassing decentralized exchanges (DEXs), non-fungible token (NFT) marketplaces, and gaming platforms.
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In 2020, one year after launching its mainnet, Polygon forged a significant partnership with Binance to introduce the Binance Smart Chain Bridge. The following year, Polygon underwent a rebranding, transitioning from Matic Network to Polygon. During that year, it secured $100 million in a Series A funding round led by Sequoia Capital India and unveiled its Polygon PoS chain, a proof-of-stake sidechain offering faster transaction times and lower fees compared to the Ethereum mainchain. Polygon also collaborated with Meta to introduce a social token framework for Facebook and Instagram.
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