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.
The company said that organisations such as Stripe, Reliance Jio, Nexo and BlindPay have built solutions on its blockchain.
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.
The company said that organisations such as Stripe, Reliance Jio, Nexo and BlindPay have built solutions on its blockchain.
