Jaynti Kanani, the co-founder of Polygon (MATIC), the Ethereum scalability network, announced on Wednesday (04) that he has decided to step back from his full-time role at the company he helped start in 2017. Kanani made the announcement on his X social media account (formerly Twitter), stating that he will continue to contribute to the platform from afar. Alongside software engineers Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, among others, Kanani helped found the MATIC network in 2017, which was later renamed Polygon. The company has a total of 10 co-founders, including Arjun and Kanani.
Sandeep Nailwal commented on Kanani’s departure, expressing his desire to have done more alongside his colleague. Kanani is not the first to leave the company this year, as another co-founder, Anurag Arjun, left earlier this year to develop the modular blockchain project Avail.
Polygon is a blockchain platform that aims to create a multi-chain blockchain system compatible with Ethereum. Like Ethereum, it uses a proof-of-stake consensus mechanism to process transactions on the blockchain. Its native token is MATIC, which has dropped 1.5% in the past 24 hours to the current price of $0.56, according to CoinGecko data.