Quick take:
- Polygon Labs’ Sandeep Nailwal is taking an additional role in the company becoming its chief business officer.
- He will continue to be the Polygon Network developer’s executive chairman of Polygon.
- He will also be involved in expanding AggLayer, the company’s decentralised network that connects chains or shared liquidity.
Sandeep Nailwal, the executive chairman of Polygon Labs is taking on more duties at the company assuming the role of Chief Business Officer. The Polygon co-founder will now oversee the company’s strategy for development solutions including the zero-knowledge (ZK) solutions and the Polygon Chain Development Kit (CDK).
According to the announcement, Nailwal will also be involved in expanding AggLayer, the company’s decentralised network that connects chains or shared liquidity, besides continuing with his role as executive chairman, The Block reported.
Commenting on his new role, Nailwal said in a statement: “Polygon Labs is in the midst of building incredible, transformational technology that will provide developers and enterprises with countless opportunities to scale quickly and securely while having access to liquidity.”
Polygon is leveraging zero-knowledge technology to build what it calls an “ infinitely scalable web of sovereign blockchains that feels like a single chain.”
Nailwal co-founded Polygon Labs as Matic Network in 2017 with Jaynti Kanani and Anurag Arjun both of whom have since left to run Mozak and Avail, respectively.
Polygon boasts the fourth highest number of protocols in its ecosystem with 553, behind Ethereum, BSC and Arbitrum, DeFi protocol tracking platform DeFiLlama shows. However, its total value locked (TVL) of about $973 million currently keeps it out of the top 10, with Avalanche’s $991 taking the spot above it.
Last year, the company announced a change of strategy ending its contribution to the Edge Framework and instead focusing its efforts on developing the Chain Development Kit.
The company also seems to have shifted focus from its previously partnership-centred growth campaign that saw it host blockchain projects of some of the world’s leading brands including Starbucks and Reddit.
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