Polygon co-founder Mihailo Bjelic steps down

Why did Mihailo Bjelic leave Polygon?

On May 23, 2025, Mihailo Bjelic, one of the four co-founders of Polygon, abruptly announced his resignation from his role at Polygon Labs and the board of the Polygon Foundation. In a post on X, Bjelic said the decision stemmed from “differences in vision” as Polygon matures.

He emphasized that he remains supportive of the crypto industry and is committed to contributing in the future, although he will no longer be involved in the day-to-day operations of Polygon. This is the third time a founder has left the project, following Jaynti Kanani (2023) and Anurag Arjun (2024), leaving Sandeep Nailwal as the sole founding member. The move raises many questions about the strategic direction of Polygon, one of the leading Layer-2 solutions for Ethereum.

How does Bjelic's departure affect Polygon?

Bjelic has been a key figure in shaping Polygon since its launch as Matic Network in 2017. He has been instrumental in building technology initiatives such as zkEVM and Polygon 2.0, helping Polygon become a blockchain ecosystem with over 7 million transactions on zkEVM and a series of partnerships with big names such as Nike and Starbucks.

However, his departure has caused a negative reaction in the market. The price of the MATIC token fell 3.2% in the 24 hours after the announcement, according to data from CoinMarketCap. Posts on X show community concerns, with some investors calling this a “disturbing signal” for Polygon, especially since the SEC is considering MATIC a security, creating regulatory pressure.

What challenges does Polygon face in this context?

The departure of three co-founders within two years puts Polygon at risk of losing the trust of its community and investors. The Layer-2 blockchain industry is fiercely competitive, with rivals such as Optimism, Arbitrum, and Base steadily gaining market share.

The absence of Bjelic, who has a large role in technology strategy, could slow down the development of initiatives like Polygon 2.0, which aims to unify liquidity across Ethereum networks.

Still, Polygon has a solid foundation with over $400 million in value locked (TVL) and a solid leadership team led by CEO Marc Boiron. Sandeep Nailwal, in a post on X, asserted that Polygon will continue to “accelerate” despite the personnel changes.

Evaluation and Conclusion

This could be an opportunity for Polygon to restructure and focus on new goals like expanding zkEVM or attracting more enterprise partners. However, the risk of losing momentum cannot be ignored, especially in a volatile crypto market.

The upcoming Polygon Foundation board meeting, scheduled for next week, will be a focus for clarity on its future strategy. For his part, Bjelic has hinted at the possibility of joining a new project that could make waves in the blockchain industry. The community is closely watching to see if Polygon can navigate this transition period and cement its position in the Layer-2 race.

Once again we give our opinion on potential projects in the crypto market. This is not investment advice, consider your portfolio. Disclaimer: The views expressed in this article are solely those of the author and do not represent the platform in any way. This article is not intended to be a guide to making investment decisions.

Compiled and analyzed by HCCVenture

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