Two Years, Three Founders Depart: Internal Changes at Polygon Attract Attention
Following the departures of Jaynti Kanani and Anurag Arjun, the third co-founder, Mihailo Bjelic, has also announced his resignation from the board and withdrawal from the day-to-day operations of Polygon Labs.
Third Co-founder Steps Down: Bjelic Announces Exit from Core Positions at Polygon
Polygon co-founder Mihailo Bjelic officially announced on Friday that he will step down from his position on the board of the Polygon Foundation and gradually reduce his involvement in the day-to-day operations of Polygon Labs.
PSA: After much thought and reflection, I’ve decided to step down from the board of the Polygon Foundation, and wind down my day-to-day involvement with Polygon Labs. I was introduced to crypto in 2013 (damn, time flies). By 2017, I was deep down the rabbit hole, fascinated by…
— Mihailo Bjelic (@MihailoBjelic) May 23, 2025
He stated on X:
As projects evolve and mature, visions can sometimes change and even diverge. In such cases, I can no longer contribute to Polygon to the best of my ability.
From Whiteboards to Late-night Meetings: Reflecting on Bjelic’s Contributions
Bjelic first encountered cryptocurrency in 2013 and became deeply involved by 2017. In 2019, he co-founded Polygon (formerly known as Matic Network) with Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. He witnessed the team grow from inception to becoming one of the most representative L2 scaling solutions within the Ethereum ecosystem, with technological breakthroughs including zero-knowledge proofs, modularity, and multi-chain interoperability, attracting a vast ecosystem of global brands and developers.
(Blockchain Supports Cultural Heritage! Indian Railways Launches NFT Tickets in Partnership with Polygon for the Grand Kumbh Mela)
Nailwal responded emotionally in a post: “You are not just a co-founder, but like a brother.” From the early days: whiteboards filled with ideas, endless whitepapers, governance frameworks, and never-ending strategy meetings late at night. You have always been one of the key forces driving Polygon to its current state.
First Two Founders Step Down: New Directions for Kanani and Arjun
However, within a short span of two years, three of Polygon’s four founders have left their core positions. One of the founders, Anurag Arjun, was the first to leave Polygon in March 2023 to focus on building a modular blockchain project named Avail. Originally part of Polygon’s internal incubation, Avail was eventually spun off as its project direction diverged from Polygon’s main development, with Arjun taking full leadership. This also symbolizes his belief in and technical vision for modular on-chain infrastructure.
(Modular Blockchain Project Avail Secures $27 Million in Seed Round Funding Led by Dragonfly Capital)
Another co-founder, Jaynti Kanani, resigned in October of the same year, stating he would continue to support Polygon from the sidelines. He later founded Morphic, an image production company based on generative AI, aimed at providing greater control and consistency for animators and creators.
From MATIC to POL: The Transformation of Polygon 2.0 Continues
Even with the founders gradually leaving, the Polygon team continues to advance its technology and token upgrade plans. This includes a major token upgrade proposal named “Polygon 2.0,” which will exchange the MATIC token 1:1 for a new token, POL, expanding its application scenarios in areas such as gas fees, staking, and infrastructure like AggLayer.
(Polygon 2.0 Token Upgrade Proposal | MATIC Upgrades to POL! 2% Annual Increase with Additional Staking Rewards)
However, the departure of three co-founders within two years has inevitably raised external questions regarding the consistency of the Polygon team’s vision and governance methods. In response, Bjelic emphasized that he remains passionate about Polygon’s future and will continue to support the ecosystem in other forms.
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