Sandeep Nailwall takes over as CEO of Polygon Foundation

Sandeep Nailwall, a co-founder of layer-2 network Polygon has announced he is taking over as the CEO of Polygon Foundation.

Layer-2 network Polygon's co-founder Sandeep Nailwall is taking over as the CEO of Polygon Foundation, he announced on X on Thursday.

The role was previously held by Sebastien Nerode, who stepped down in March to pursue other opportunities.

Marc Boiron, the CEO of one of the many projects managed by the Foundation, named Polygon Labs, will continue in his role.

The announcement comes amid the POL token's declining price, which has now fallen more than 68% over the past six months.

At the beginning of this year, the token was trading at around $2.5, but it is currently priced at $0.76.

However, talking about the action steps planned, Nailwall said that the organisation has a clear path to scale to 100k+ TPS over the next few years.

"We'll put Polygon PoS amongst the most performant blockchains by Sept-Oct timeframe," he said, adding that the organisation is also planning to launch a "high-throughput, low-gas chain" by early next year.

The first milestone of the Polygon POS's Gigagas roadmap is now live in testnet. This first upgrade pushes network capacity beyond 1,000 transactions per second in early July and it’s only the beginning. We have a clear path to scale to 100k+ TPS over the next few years, which will culminate in putting Polygon PoS amongst the most performant blockchains by Sept-Oct timeframe. At that point, with a chain capable of handling over 5,000 transactions per second, and gas fees remaining low, we’ll be able to boast one of the most economically viable protocols in the market. This is a pivotal moment in our journey.

The organisation's most recent fundraising of $450 million, which involved the sale of its native token POL (then MATIC), was announced in February 2022.

The foundation has no plans to fundraise in the near future, with Nailwall maintaining that its strong cash position allows it to continue building for the future.

"The Foundation will not be fundraising in the near future. We have a strong cash position and no need to dilute any more tokens," he stated.

As part of the Foundation's new refocused strategy, plans are to "depreciate Polygon zkEVM" next year to focus solely on building Polygon POS and Agglayer.

Polygon POS's main focus is stablecoin payments and real-world assets, while Agglayer's focus is building "a trustless internet of blockchains".

"This move will allow us to allocate more resources to the core protocols and ultimately bring more value to POL stakers," Nailwall explained.

He added that now that the SEC has dropped its investigations and cases against MATIC (now POL) as a security, it has opened the opportunity for "large market makers to come back to POL," which strengthens the liquidity of the POL token on exchanges.

"The implications of this are huge for the long-term health of the ecosystem," he remarked.

This new role will see him leading the strategy and operations of the Foundation, which includes managing its portfolio of projects, such as Polygon Labs, Aeliq, and ParallelChain.

He will also be responsible for communicating with the community and ensuring that the Foundation's vision is realized.

"I am excited to take on this new role and continue to build the future of Web3 with the Polygon community," said Nailwall.

"We have a lot to accomplish in the coming year, and I am confident that together, we will make a real difference in the world."

Earlier this week, a report by crypto analytics firm Token Terminal highlighted the substantial decrease in revenue generated by Polygon over the past year.

Despite a significant increase in total value locked (TVL), which reached $1.3 billion in March, the platform's revenue stream has shrunk significantly.

According to Token Terminal's analysis, Polygon's annual revenue has declined sharply from $1.16 billion in 2022 to just $304 million by the third quarter of 2023.

This substantial revenue decline is attributed to the depreciation of the POL token, which has decreased in value from a high of over $2 in December 2021 to its current price of less than $1.

The report also noted that while transaction fees have remained relatively stable, ranging from $0.04 to $0.08 per transaction, the decrease in token price has had a more significant impact on revenue generation.

"This is a pivotal moment in our journey," Nailwall stated in his post on X.

"We'll be putting a huge emphasis on bringing new use cases and use cases to the forefront."

After a stellar 2022, which saw the successful launch of several key projects