Polygon Co-Founder Departure and Executive Exodus Cap Turbulent Year Despite Strong Metrics
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Polygon co-founder Jaynti Kanani announced he is stepping back from the project after 6 months away, making him the 3rd of 10 co-founders to leave this year.
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Multiple executive departures can signal trouble for a crypto project, like what happened with FTX, Uniswap, Kraken, and Binance.
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It's been a tough year for Polygon - its token MATIC is down 80% from its all-time high in 2021.
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But Polygon still has decent metrics, like being #5 in TVL at $794 million, and ahead of competitors like Avalanche and Solana in price drop.
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Polygon is planning a major upgrade to Polygon 2.0 to transition to a new token, while also facing regulatory scrutiny from the SEC.