Polygon sees a third key executive step down this year

Co-founder Jaynti Kanani is the latest executive to depart from Polygon and has taken up two new projects relating to generative AI and media

article-image

photo_gonzo/Shutterstock, modified by Blockworks

share

Ethereum layer-2 scaling solution Polygon is seeing several team members leave.

The latest is one of the co-founders, Jaynti Kanani, who said he reduced his involvement in day-to-day operations at the company he played a key role in founding back in 2017.

“Around 6 months back, I decided to step back from the day-to-day grind,” Kanani said in an X post on Wednesday.

Jaynti Kananil; Source: LinkedIn

“I’ll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines,” he added. 

Kanani has taken on the role of founder and CEO at two companies called Morphic and Mozak. While there is currently limited information available about the nature of their activities, they seem to be related to generative Artificial Intelligence and media.

Co-founder Sandeep Nailwal responded, saying he wished they could have achieved more together.  “But hey, you got to do what you got to do,” Nailwal added.

In March, another co-founder of Polygon, Anuraj Arjun, departed the company after working there for over five years.

He chose to move on as co-founder of Avail, the modular blockchain that was spun off from Polygon Labs into a self-funded entity. 

Subsequently, a few months later, Polygon’s former president, Ryan Wyatt, announced his decision to step down from his role, saying he would succeeded by then chief legal officer Marc Boiron. 

Wyatt said he would continue advising Polygon, and continue his investments in the industry.

Following the consolidation of several business units in February, Polygon announced plans to reduce its workforce by 20%, which was about 100 employees.

Polygon tackles Ethereum’s scalability issues and high transaction costs using a variety of approaches, such as customizable sidechains that operate alongside the Ethereum mainnet. 

Earlier this year, Polygon introduced its zkEVM rollup on the Ethereum mainnet and a plan to shift its proof-of-stake chain to a validium solution.

Jordi Baylina, who serves as co-founder and technology lead at Polygon, told Blockworks last month that “we think ZK proofs are the future.”

Polygon’s native token, MATIC, is currently the 13th largest cryptocurrency in terms of market capitalization, although its value has experienced a decline of about 40% over the past year.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors