President will step down and chief legal officer will become CEO

Ryan Wyatt will be stepping down as president of Polygon Labs and moving into an advisory role after more than a year at the firm.

In a July 7 announcement, Wyatt said he planned to leave Polygon at the end of July but would be staying in the crypto space by continuing to advise the firm. Polygon chief legal officer Marc Boiron — also the former chief legal officer of dYdX — will be stepping up as the company’s new CEO.

Proud to start as CEO role at @0xPolygonLabs, reporting to the founders & leaning into our stellar eng roots.
It’s a privilege to serve the community & company as the Polygon 2.0 era begins!
Thx to the founders for their trust. Excited to work w @Fwiz in his advisory role. pic.twitter.com/ArZrtKZPQT

— Marc Boiron (@0xMarcB) July 7, 2023

Rebecca Rettig, Polygon’s chief policy officer, will take over as the firm’s chief legal officer upon Boiron’s departure. Caroline Pham of the United States Commodity Futures Trading Commission (CFTC) recently appointed Rettig to serve on the CFTC’s Global Markets Advisory Committee’s Subcommittee on  Global Market Structure, Technical Issues, and Digital Asset Markets.

Related: Polygon Labs president testifies on democratizing the internet with Web3, blockchains

The change in leadership comes as Polygon has been preparing a set of upgrades aimed at establishing the “Value Layer” of the internet — a move branded as “Polygon 2.0.” The platform said it will move forward on plans to establish “decentralized governance” by July 17.

In March, the platform became the second-largest blockchain gaming network in the number of unique active wallets, overtaking Hive. At the time of publication, the price of Polygon (MATIC) was roughly $0.67, having fallen by 1% in the last 24 hours.

Magazine: ZK-rollups are ‘the endgame’ for scaling blockchains: Polygon Miden founder