Gate News bot message: Polygon co-founder Sandeep Nailwal has fully taken over the Polygon Foundation, becoming its first CEO. This move signifies that the organization will gradually abandon the previously implemented Decentralization governance model.
Polygon stated in a statement that the foundation is responsible for overseeing Polygon Labs and other departments of its ecosystem. As the project refocuses amidst increasing competition in the Layer-2 space, the foundation will be operated under the leadership of Nailwal.
Nailwal’s appointment comes at a time when Polygon continues to face challenges. According to CoinMarketCap data, the project’s native token POL is still down more than 80% from its peak.
Source: Cointelegraph
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