Latest news with #SandeepNailwal
Yahoo
13-06-2025
- Business
- Yahoo
The Protocol: Polygon, Once a Scaling Leader, Eyes a Revamp
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. We're Margaux Nijkerk and Sam Kessler, CoinDesk's Tech & Protocols team. In this issue: Sandeep Nailwal Takes Control of Polygon Foundation, Charts New Course, Retires ZkEVM Ethereum Foundation Unveils New Treasury Policy With 15% Opex Cap Bitcoin Core 30 to Increase OP_RETURN Data Limit After Developer Debate Concludes Plume Launches Genesis Mainnet to Bring Real-World Assets to DeFi Unknown block type "divider", specify a component for it in the ` option SANDEEP NAILWAL TAKES CONTROL OF POLYGON FOUNDATION, RETIRES ZKEVM: Polygon co-founder Sandeep Nailwal has officially assumed the role of CEO of the Polygon Foundation, marking a pivot in the organization's leadership makeup and a sweeping overhaul of the network's longterm roadmap. Nailwal, who launched the project in 2017 when it was still called Matic Network, will consolidate control and reorient the team toward AggLayer — Polygon's new cross-chain liquidity protocol that promises seamless interoperability across networks. The foundation will also retire zkEVM, Polygon's rollup network. "This renewed control marks the beginning of a strategic push for Polygon to reclaim its position at the forefront of Web3," the team wrote in a press release shared with CoinDesk — Marguax Nijkerk Read more. ETHEREUM FOUNDATION'S NEW TREASURY POLICY: The Ethereum Foundation published an updated treasury policy, outlining a series of new plans around token sales, fiat purchases and transparency practices designed to ensure the organization's "long-term agency, sustainability, and legitimacy." The EF, a Swiss non-profit, plays a central role in the Ethereum blockchain ecosystem. In addition to employing researchers, builders and community liaisons, the foundation was granted a large trove of ether (ETH) tokens at Ethereum's genesis which it uses to fund its operations and support other projects in the ecosystem. In a blog post, the foundation stated it plans to annually designate 15% of its treasury to operational expenses ("opex"), with a 2.5-year buffer kept at all times in its reserves. "We intend to reduce annual opex roughly linearly over the next five years, ending at a long-term 5% baseline," the foundation wrote. "This policy reflects our conviction that 2025-26 are likely to be pivotal for Ethereum, warranting enhanced focus on critical deliverables.' — Margaux Nijkerk Read more. BITCOIN CORE 30 TO INCREASE OP_RETURN DATA LIMIT: The developers of Bitcoin Core, the primary open-source software for connecting the blockchain behind the world's largest cryptocurrency, said October's version 30 release will increase the default limit for OP_RETURN data transactions from the current 80 bytes to nearly 4MB, a limit imposed by Bitcoin's block size. The proposal for the change, which was confirmed in an update on GitHub, had sparked debate within the Bitcoin community. Critics argued that removing the limit could encourage increased embedding of arbitrary data, potentially leading to network spam and a shift from bitcoin's primary function as a financial tool. — Sam Reynolds Read more. PLUME MAINNET GOES LIVES: Plume, a blockchain network focused on real-world assets, announced the launch of its hotly anticipated Genesis launch, according to a statement shared by the Plume team, marks the "next generation" of asset-backed DeFi — tokenizing traditional financial instruments, or real-world assets (RWA), so they can interact with blockchain-based financial tools. RWAs have taken over the world of blockchain, as they are viewed as a market that could be worth trillions of dollars with traditional financial institutions steadily dipping into crypto. — Margaux Nijkerk Read more. Unknown block type "divider", specify a component for it in the ` option Safe, the popular multiparty crypto wallet previously called Gnosis Safe, has launched a new development unit, Safe Labs, in a move aimed at consolidating its operations and sharpening its product roadmap after it was targeted in February's $1.4 billion ByBit hack — the largest crypto heist to date. Along with the change, Safe is building a more "opinionated" V2 of its platform targeted at enterprise customers. — Sam Kessler Read more. Morpho, a permissionless cryptocurrency lending protocol, unveiled an update that seeks to further align decentralized finance (DeFi) with traditional lending by bringing more in the way of bespoke, predictable loan terms. Morpho V2 delivers market-driven fixed-rate, fixed-term loans with customizable terms, features previously unseen in DeFi, which are required to meet the demands of institutions and enterprises looking to build or migrate financial products on-chain, Morpho said in a press release on Thursday.— Ian Allison Read more. The U.S. Securities and Exchange Commission is working on policy to exempt decentralized finance (DeFi) platforms from regulatory barriers, said Chairman Paul Atkins. Software developers building DeFi tools have no business being blamed for how they're used, Atkins and other SEC Republicans contended at the final of five crypto roundtables that have been held at the agency since the leadership turnover under President Donald chairman told a roundtable of DeFi experts that he's directed the SEC staff to look into changes to agency rules "to provide needed accommodation for issuers and intermediaries to seek to administer on-chain financial systems." Atkins called that potential exemptive relief "an innovation exemption" that would let entities under SEC jurisdiction bring on-chain products and services to market "expeditiously." — Jesse Hamilton Read more. The international unit of Alipay owner Ant Group plans to seek stablecoin licenses in Hong Kong and Singapore, Bloomberg reported on Thursday. Ant International will apply for a stablecoin issuer's license once the regulatory regime comes into effect in August, according to the report, citing people familiar with the matter. The firm is also planning to apply for a similar license in its native Singapore, as well as Luxembourg. — Jamie Crawley Read more. Unknown block type "divider", specify a component for it in the ` option June 8-22: Berlin Blockchain Week, Berlin June 24-26: Permissionless, Brooklyn June 30-July 3: EthCC, Cannes July 16-18: Web3 Summit, Berlin Sept. 22-28: Korea Blockchain Week, Seoul Oct. 1-2: Token2049, Singapore Nov. 17-22: Devconnect, Buenos Aires Dec. 11-13: Solana Breakpoint, Abu Dhabi Feb. 10-12, 2026: Consensus, Hong Kong May 5-7, 2026: Consensus, Miami Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
11-06-2025
- Business
- Time of India
Polygon cofounder Sandeep Nailwal takes over as CEO amid restructuring
Sandeep Nailwal , cofounder of blockchain firm Polygon, will take over as the chief executive officer of Polygon Foundation , which includes Polygon Labs , as the company undergoes restructuring. The company, which was started in 2017 to solve the scaling issues of blockchain Ethereum , has been facing challenges in the last couple of years. It saw the exodus of co-founders, Jayant Kanani, Anurag Arjun, and Mihailo Bjelic, along with the exit of Ryan Wyatt, former CEO of Polygon Labs. The company had strengthened its US team, which created friction between the India and US teams, ET had earlier reported. The firm has been facing increasing competition from other players such as Coinbase's Base and Optimism, even as it saw most of its cofounders leave the firm. As a part of the restructuring, the company will focus on launching the AggLayer, short for aggregation layer, a blockchain protocol that facilitates interoperability between chains by FY25. It will shut down zkEVM, on the back of development hurdles. In a statement, the company said that the product lacked a strong strategic position and was no longer aligned with the evolving needs of the ecosystem. Other changes include Polygon PoS, which is now Gigagas, and will handle 100,000 transactions per second. The press statement said that the firm has processed $514 billion in stablecoin transactions in the past year and $3.7 billion in peer-to-peer (P2P) volume in April 2025. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company said that organisations such as Stripe, Reliance Jio, Nexo and BlindPay have built solutions on its blockchain.
Yahoo
11-06-2025
- Business
- Yahoo
Polygon's Sandeep Nailwal Takes Over as Foundation CEO Amid Strategic Shakeup
Polygon co-founder Sandeep Nailwal has officially assumed the role of CEO of the Polygon Foundation, marking a pivot in the organization's leadership makeup and a sweeping overhaul of the network's longterm roadmap. Nailwal, who launched the project in 2017 when it was still called Matic Network, will consolidate control and reorient the team toward AggLayer — Polygon's new cross-chain liquidity protocol that promises seamless interoperability across networks. "This renewed control marks the beginning of a strategic push for Polygon to reclaim its position at the forefront of Web3," the team wrote in a press release shared with CoinDesk As chief executive, Nailwal will steer long-term planning, guide key ecosystem initiatives, and ensure that the foundation — which oversees Polygon Labs and other affiliated entities — delivers 'exponential growth, increased focus and greater value to POL stakers,' according to the foundation. In its early days, Polygon's proof-of-stake sidechain marketed itself as a low-cost, fast alternative to Ethereum, providing users with access to decentralized apps without the burden of high gas fees. It quickly rose to prominence as a go-to Ethereum scaling solution. But activity has since cooled. Total value locked (TVL) across Polygon networks has fallen to around $1 billion, down nearly 90% from its June 2021 peak of $9.79 billion, per DefiLlama. Polygon has ceded ground to a new wave of Ethereum scaling networks — namely 'layer-2 rollups' like Optimism and Arbitrum — which offer similar user experiences but with tighter Ethereum compatibility and more sophisticated security systems. Polygon's own rollup, zkEVM, ranks just 27th by TVL among layer-2s, according to L2Beat, trailing well behind its newer competitors. Now, the zkEVM experiment is being phased out. Polygon said it will sunset the zkEVM Mainnet Beta in 2026, citing developer friction, architectural limitations, and sluggish adoption. 'To ensure a smooth transition, the sequencer will remain live for the next twelve months,' the team noted. The decision also comes with a key personnel shift: Jordi Baylina, Polygon's zero-knowledge research lead, will leave to spin out his own project, ZisK. As part of its strategic reset, Polygon will double down on its flagship PoS sidechain, now targeting real-world financial assets (RWAs). The foundation teased an 'ambitious roadmap' with milestones to transform the chain into a 'gigagas' network capable of processing 100,000 transactions per second and securing trillions in tokenized assets. Polygon's reorganization mirrors changes at the Ethereum Foundation, which recently restructured its leadership and revamped its roadmap in a process led by Ethereum co-founder Vitalik Buterin. In a post on X, Nailwal said Ethereum's 'existential crisis' had pushed Polygon to revisit its core identity — returning to a bolder, more nimble, and more decisive 'zero-to-one' mentality. His stated goal: "to deliver greater value to POL stakers and bring increased clarity to the broader market." POL, previously called MATIC, is Polygon's native token. The asset can be "staked" with Polygon's PoS network to help secure it in exchange for rewards. The timing of the revamp, Nailwal suggested, could work in POL's favor. "The SEC has dropped its investigations and lawsuits related to MATIC as a security, which should have never existed given the nature of MATIC (and now POL)," he wrote. "We are excited to see several large market makers coming back to the table in recent days to make markets in POL that strengthens the liquidity of POL on exchanges globally." Read more: Polygon, GSR Release Katana Network Tackle DeFi Fragmentation
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Business Standard
11-06-2025
- Business
- Business Standard
Polygon appoints Sandeep Nailwal as CEO, signals founder-led reboot
In a strategic shift, Polygon, an L2 blockchain platform, has announced that Sandeep Nailwal has been appointed chief executive officer of the Polygon Foundation. In this role, Nailwal will focus on long-term strategy, oversee key ecosystem initiatives, and ensure that the Polygon Foundation—which supervises Polygon Labs and other entities—decisively steers the project towards exponential growth, sharper focus, and greater value delivery to the Polygon ecosystem, including users, applications, and POL stakers. 'At our beginnings, Polygon was all about bold execution and big goals. During 2021–23, we made a real effort to institutionalise the project by onboarding some amazing people as co-founders, setting up a board, and undergoing a period of intense tech research and exploration. Now, it is time to again move fast, aggressively, and with full conviction and focus,' said Sandeep Nailwal. With Nailwal's move to the Polygon Foundation, Marc Boiron will be chief executive of Polygon Labs and will continue to guide the organisation's strategic vision and drive execution. Mudit Gupta was recently named chief technology officer, and Ryan Niedzialek—a long-time Polygon Labs executive—is now serving as chief operating officer, overseeing business development, partner enablement, and core operational functions. Nailwal's immediate priorities include a product-first approach to rapidly launch a full-featured Agglayer, a transformative roadmap to evolve Polygon PoS into the high-throughput GigaGAS chain capable of supporting over 100,000 transactions per second for payments and real-world assets (RWAs), expansion of the Agglayer Breakout Programme, the sunset of Polygon zkEVM, and renewed engagement with market makers to reinforce support for POL and ensure liquidity across decentralised and centralised exchanges. The company said these moves represent a clear shift from a more passive phase in Polygon's history to a focused and ambitious founder-led vision for the future. Nailwal added, 'With a world-class team in place and the Foundation under my leadership, we are fully aligned on our strategy and what matters most—building amazing products and delivering real value to POL stakers. That starts with my plan for several key priorities: completing Agglayer to become the trustless interoperability layer of Web3, evolving Polygon PoS to dominate payments and real-world assets, and empowering our founders to launch independent, high-impact projects through the Agglayer Breakout Programme. With focused leadership, this is the moment to scale the next chapter of Polygon.' This strategic move marks a defining moment for the Polygon ecosystem—one rooted in clarity of vision, decisive leadership, and a commitment to long-term value creation, the company said. With Agglayer nearing full launch, Polygon PoS evolving into a leading platform for payments and RWAs, and a new wave of founder-led projects expanding the network, the Foundation is doubling down on what has always set Polygon apart: speed, innovation, and alignment with its community.
Bloomberg
11-06-2025
- Business
- Bloomberg
Polygon Co-Founder Sandeep Nailwal Takes Over as Foundation CEO
Sandeep Nailwal, a co-founder of Polygon, has been appointed CEO of the blockchain project's foundation to help sharpen its strategic focus. The appointment stems from a need to make faster decisions in light of mounting competition in the blockchain space, Nailwal said in an interview. The foundation oversees the development and growth of Polygon — a setup common in the crypto space.
