Sandeep Nailwal has officially taken over as CEO of the Polygon Foundation, initiating a major shift in the organization’s leadership dynamics and a significant update to its strategic direction.

Key Details:

• Nailwal aims to implement a ‘zero to one’ approach and rethink Polygon’s future plans radically.
• The zkEVM network is slated for termination in 2026 due to limited use and technical challenges.
• Co-founder Jordi Baylina will be departing to establish ZisK, a new project focused on zero-knowledge technology.

Polygon, which started as the Matic Network in 2017, now aims to refocus on its AggLayer, a new protocol aimed at cross-chain interoperability.

“This renewed control marks the beginning of a strategic push for Polygon to reclaim its position at the forefront of Web3,” the team stated in a press release shared with CoinDesk.

Nailwal will oversee long-term strategies and ensure that the foundation, which includes Polygon Labs and other affiliated divisions, achieves ‘significant growth, more focused initiatives, and enhanced value to POL stakers.’

Initially, Polygon’s proof-of-stake sidechain offered a cheaper, faster alternative to Ethereum to facilitate decentralized applications with minimal gas fees. However, after seeing a decrease in activity, the total value locked (TVL) across Polygon’s networks has dropped to approximately $1 billion — down nearly 90% from its peak of $9.79 billion in June 2021.

With the upcoming cessation of the zkEVM initiative, the focus will shift back to Polygon’s primary sidechain, which will pivot towards real-world financial assets. The foundation hinted at an ambitious roadmap with hopes of transforming the chain into a robust network capable of processing 100,000 transactions every second and managing trillions in tokenized asset value.

The restructuring within Polygon is reflective of broader changes at the Ethereum Foundation, which has also revised its leadership and strategy recently, under the guidance of Ethereum co-founder Vitalik Buterin.

In a post on X, Nailwal expressed that Ethereum’s current challenges have prompted a reevaluation of Polygon’s core vision to embody a more dynamic, decisive philosophy.

His main objective is to provide enhanced value to POL stakers and improve transparency in the market. Notably, with the SEC concluding its investigations concerning the MATIC token, which is now known as POL, it is anticipated that larger market makers will re-engage.

Read more about Polygon’s latest updates and ongoing projects.