Polygon Faces Uncertainty as Third Co-Founder Departs in Two Years

One of Polygon’s co-founders, Mihailo Bjelic, has officially stepped down from the board of the Polygon Foundation, becoming the third founding member to depart the protocol within the past two years.

His exit follows those of Anurag Arjun, who left in March 2023 to focus on modular blockchain project Avail, and Jaynti Kanani, who stepped down seven months later.

In a post on X (formerly known as Twitter), Bjelic acknowledged that while he will no longer contribute to Polygon in an official capacity, he remains supportive of the project’s future.

Though he did not detail specific reasons, Bjelic cited a natural divergence as the project continues to evolve.

Hence, he noted:

“It is natural for visions to evolve, and sometimes diverge.”

He emphasized that Polygon has matured beyond its early days and expressed confidence in its ongoing development as an Ethereum Layer-2 solution.

Notably, Bjelic also announced his intention to step away from day-to-day involvement with Polygon Labs, signalling a broader shift away from the ecosystem.

With his departure, Sandeep Nailwal remains the sole co-founder still serving on the Polygon Foundation board.

Together, the four co-founded what began as the Matic Network, which has since rebranded to Polygon and recently completed the migration from its original MATIC token to the new POL token—part of its larger strategic evolution.

Bjelic, who has been involved in crypto since 2013, stated that he will continue to support the project from the sidelines as it moves into its next chapter.

Polygon’s Leadership Is Thinning Out: Is the Protocol in Trouble?

Bjelic’s departure from both Polygon Labs and the Polygon Foundation board has sparked a wave of concern and speculation across the crypto community.

Many view his exit as a significant loss for the protocol, given his role in shaping several of its most impactful developments.

With Bjelic now the third co-founder to leave in just two years, some observers are questioning whether deeper issues might be emerging within the ecosystem—though no concrete evidence has surfaced to support these claims.

The timing has only intensified scrutiny.

Polygon entered 2025 facing notable headwinds, including concerns over declining network health.

At the time, analysts warned of potential downside risks to POL, the network’s native token.

As of now, POL is trading at $0.2359—up just 1.81% over the past 24 hours—offering only a modest rebound amidst broader uncertainty.