Polygon enters a brand new section led by its co-founder Sandeep Nailwal, who has taken on the function of CEO of the Polygon Basis. This transfer, introduced on June 11, 2024, marks the finish of the governance mannequin primarily based on a board of administrators and introduces a distinctive management to speed up selections and the implementation of methods.
Nailwal defined that the transformation is just not solely structural but additionally a needed response to the inefficiencies which have slowed down the evolution of the undertaking. In the previous, decision-making processes that might have required weeks dragged on for months, hindering the means to innovate rapidly.
From shared management to decisive determination
The governance of Polygon, born as an try at institutionalization, with a council that mimicked conventional company constructions, has been surpassed by a extra streamlined and centralized mannequin. In response to Nailwal, this transformation permits the undertaking to have a clear course and a targeted execution.
Regardless of this transformation, the new CEO of the Polygon Foundation maintains a management perspective outlined as “servitude mentality.” It refers to an empathetic strategy aimed toward conserving stakeholders happy, rooted in his household origins.
The ultimate section for zkEVM: a step towards the future
One of the most impactful selections considerations the sundown of the zkEVM community, a undertaking acquired in 2021 for about 250 million {dollars} in MATIC, which aimed to make sure equivalence with Ethereum. After a extremely anticipated launch and appreciation for its technological analysis, zkEVM didn’t, nevertheless, fulfill its guarantees in phrases of person expertise and person progress.
The info exhibits how the property locked on zkEVM have drastically decreased from over 35 million {dollars} in July 2023 to solely 2.75 million in 2024. Moreover, the chain has operated at a loss in current months, main the administration to determine on its decommissioning by 2026.
From theoretical innovation to actual use instances
The paradigm shift in the crypto sector, based on Nailwal, is transferring from a deal with theoretical analysis, equivalent to the growth of zero-knowledge proof, towards concrete impression and use instances that generate income and actual adoption. Consequently, Polygon will deal with functions with tangible worth equivalent to real-world assets (RWA) and stablecoin funds by the Polygon PoS community and the AggLayer infrastructure.
The turning level on NFT, stablecoin, and tokenization
Regardless of the collapse of the NFT market, Polygon continues to deal with this space, distinguishing between “speculative” NFTs and better high quality initiatives. Nailwal emphasizes that NFT know-how stays important for the tokenization of property, which may be both fungible or non-fungible.
Moreover, the focus is more and more shifting to stablecoin and tokenization, two use instances that Polygon considers strategic for future progress. The current approval of the GENIUS Act in the United States Senate, which befell on June 17, 2024, together with the institutional curiosity of operators like BlackRock in creating tokenized funds, confirms this course.
Polygon PoS and AggLayer: the coronary heart of the infrastructure
The chain Polygon PoS, which hosts over 1 billion {dollars} in locked worth, continues to excel in NFTs and stablecoin funds like USDC and USDT. In parallel, the AggLayer represents the basis for realizing Polygon’s imaginative and prescient: constructing an web of blockchains, an interconnected and scalable ecosystem.
The problem of scaling to 100,000 transactions per second
With the new governance, Polygon embarks on the “Gigagas” undertaking, the roadmap to realize a capability of 100,000 TPS (transactions per second). This milestone is important to compete with the rising sooner blockchains and is a key ingredient to reaffirm Polygon’s function in an more and more mature and demanding market.
Though the response of the group has been combined, with appreciation for the pace in decision-making but additionally criticisms for the administration of zkEVM, Nailwal is satisfied that the single management mannequin is the solely attainable means.
From guarantees to concrete outcome
Nailwal insists that the precedence now could be to return to constructing legitimate merchandise that customers are prepared to pay for. Management requires tough decisions, which inevitably won’t make everybody joyful, however are important for the long-term success of Polygon.
Future Prospects and the Function of Polygon in the Blockchain Panorama
The 2024 presents itself as an important yr for Polygon, during which the means to realize concrete outcomes will decide its place in the crypto market. The transformation of governance and the deal with pragmatic use instances symbolize a realistic strategy to progress challenges.
Builders, buyers, and customers are known as to observe the evolution of the undertaking, which guarantees to mix technological innovation and actual utility to construct an more and more built-in and environment friendly blockchain ecosystem.
