Polygon Co-Founder Mihailo Bjelic Steps Down

The market reacted fast—POL, Polygon’s native token, slid 5% right after the news broke. And with good reason. Bjelic wasn’t just a name on the founding board; he played a huge role in shaping what Polygon is today.

Bjelic’s Legacy: From Vision to Victory

Mihailo Bjelic has been a key player at Polygon since its early days as Matic Network in 2018. A Serbian software engineer with strong blockchain chops, he helped turn Polygon into one of Ethereum’s top scaling solutions.

From building the tech that cut costs and sped up transactions to actively engaging the community on X, Bjelic a vocal advocate for Polygon’s mission. He often engaged with the community on platforms like X to share updates and rally support.

Bjelic’s career highlights include spearheading the launch of Polygon zkEVM, a zero-knowledge rollup that hit a milestone of 7 million transactions in November 2023. This achievement cemented Polygon’s reputation as a leader in layer-2 solutions. He also helped secure strategic partnerships, like the 2024 deal with Jio Platforms, expanding Polygon’s reach in India’s booming Web3 space.

His departure, announced on X with a reflective note about “diverging visions,” marks the end of a chapter for a man who helped Polygon grow from a startup to a $6 billion ecosystem.

Why the Exit?

Bjelic’s exit, effective May 2025, cites a divergence in vision as the project matures. “As projects evolve, it’s natural for paths to split,” he wrote on X, hinting at strategic differences without elaborating.

This vagueness has fueled speculation, especially as Polygon faces challenges like a total value locked (TVL) slipping below $1 billion and a 66% year-to-date drop in POL’s price.

The crypto industry is no stranger to such shakeups. In April 2025, Cardano’s Charles Hoskinson stepped back, citing governance issues, a move that echoed Bjelic’s sentiment about evolving visions.

Bjelic’s departure also follows setbacks like Sports Illustrated moving its NFT platform to Avalanche and Aave DAO considering abandoning Polygon, raising questions about the project’s competitive edge.

Sandeep Nailwal: The Last Founder Standing

With Bjelic’s exit, Sandeep Nailwal remains the sole original co-founder on Polygon’s board. Nailwal, a charismatic leader from Delhi, has been the face of Polygon’s global ambitions. His rags-to-riches story, detailed in a 2023 Cointelegraph profile, resonates with entrepreneurs worldwide.

As Polygon’s chief business officer since 2024, Nailwal has driven partnerships and pushed for zero-knowledge (ZK) technology adoption. His ability to navigate India’s tech scene and secure deals, like the Jio Platforms collaboration, has been highly instrumental.

Nailwal’s tribute to Bjelic on X was heartfelt: “More than a co-founder, you’re a brother.” He emphasized Bjelic’s lasting impact, from scaling solutions to community engagement. Nailwal’s leadership will be critical as Polygon navigates this transition. Industry insiders note his knack for rallying developers and investors, a strength that could stabilize Polygon amid these changes.

Polygon’s Path Forward: Challenges and Opportunities

Polygon’s ecosystem remains robust, with over 1,000 decentralized apps and a developer community that rivals Ethereum’s. The zkEVM’s success and ongoing Web3 projects signal resilience, but Bjelic’s exit highlights vulnerabilities. The 5% POL price drop reflects investor jitters, and the loss of three founders in two years could dent confidence.

Yet, Polygon Labs’ ZK teams, led by figures like CEO Marc Boiron, are well-positioned to carry the torch. Boiron, who joined in 2023, has emphasized community-driven governance, a shift that could mitigate leadership gaps.

Comparatively, other layer-2 projects like Optimism and Arbitrum face similar growing pains. Optimism’s recent governance overhaul drew criticism, while Arbitrum’s TVL also dipped in 2025. Polygon’s focus on ZK technology and partnerships could give it an edge, but it must address market perception and competition.

What’s Next for Bjelic and Polygon?

Bjelic hasn’t revealed his next move but vowed to stay active in blockchain. His technical expertise and crypto passion suggest he’ll surface in a new venture, perhaps in ZK technology or a rival layer-2. For Polygon, the focus is on stability. Nailwal and Boiron must reassure investors and users while advancing the Polygon 2.0 roadmap.

Upcoming initiatives, like expanding POL’s role in staking and gas fees, could restore market confidence
if executed well.