Margaux Nijkerk
5 min read
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. We’re Margaux Nijkerk and Sam Kessler, CoinDesk’s Tech & Protocols team.
In this issue:
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Sandeep Nailwal Takes Control of Polygon Foundation, Charts New Course, Retires ZkEVM
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Ethereum Foundation Unveils New Treasury Policy With 15% Opex Cap
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Bitcoin Core 30 to Increase OP_RETURN Data Limit After Developer Debate Concludes
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Plume Launches Genesis Mainnet to Bring Real-World Assets to DeFi
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SANDEEP NAILWAL TAKES CONTROL OF POLYGON FOUNDATION, RETIRES ZKEVM: Polygon co-founder Sandeep Nailwal has officially assumed the role of CEO of the Polygon Foundation, marking a pivot in the organization’s leadership makeup and a sweeping overhaul of the network's longterm roadmap. Nailwal, who launched the project in 2017 when it was still called Matic Network, will consolidate control and reorient the team toward AggLayer — Polygon’s new cross-chain liquidity protocol that promises seamless interoperability across networks. The foundation will also retire zkEVM, Polygon's rollup network. "This renewed control marks the beginning of a strategic push for Polygon to reclaim its position at the forefront of Web3," the team wrote in a press release shared with CoinDesk — Marguax Nijkerk Read more.
ETHEREUM FOUNDATION’S NEW TREASURY POLICY: The Ethereum Foundation published an updated treasury policy, outlining a series of new plans around token sales, fiat purchases and transparency practices designed to ensure the organization's "long-term agency, sustainability, and legitimacy." The EF, a Swiss non-profit, plays a central role in the Ethereum blockchain ecosystem. In addition to employing researchers, builders and community liaisons, the foundation was granted a large trove of ether (ETH) tokens at Ethereum's genesis which it uses to fund its operations and support other projects in the ecosystem. In a blog post, the foundation stated it plans to annually designate 15% of its treasury to operational expenses ("opex"), with a 2.5-year buffer kept at all times in its reserves. "We intend to reduce annual opex roughly linearly over the next five years, ending at a long-term 5% baseline," the foundation wrote. "This policy reflects our conviction that 2025-26 are likely to be pivotal for Ethereum, warranting enhanced focus on critical deliverables.” — Margaux Nijkerk Read more.
