Polkadot ecosystem falls 2.9% after founder Gavin Wood steps down as Parity CEO

Please fol­low and like us:
Pin Share

The mar­ket cap of the Polka­dot ecosys­tem has declined rough­ly 2.9% fol­low­ing news of Gavin Wood‘s depar­ture as CEO.

Polka­dot founder Gavin Wood announced on Oct. 21, that he was quit­ting his role as CEO of Par­i­ty Tech­nolo­gies, the par­ent com­pa­ny behind the Polka­dot and Kusama ecosystems.

Wood said his long-term pas­sion has been to be a thinker, coder, design­er, and archi­tect. Con­se­quent­ly, tak­ing off the CEO hat will allow him to return to work full-time on solv­ing prob­lems fac­ing the Polka­dot ecosystem.

“I’ll be point­ing my regained focus towards explor­ing how we can con­tribute to mak­ing Polka­dot and Web3 more rel­e­vant to large swathes of the pop­u­la­tion,” Wood added.

Fol­low­ing Wood’s depar­ture, Par­i­ty co-founder Bjorn Wag­n­er will take over as the new CEO.

Wood who is a major share­hold­er in Par­i­ty Tech­nolo­gies will con­tin­ue serv­ing as a board mem­ber, but will not be involved in the day-to-day run­ning of the company.

Polkadot ecosystem in red

The Polka­dot ecosys­tem has report­ed­ly lost over 2.9% of its mar­ket cap in the last 24 hours, as it sits at rough­ly $13 billion.

Cryp­toSlate data shows that Polkadot’s DOT has declined by rough­ly 4.3% to trade at $5.84, while its sis­ter Kusama (KSM) token has fall­en by 7% in the last 24 hours.

Oth­er top assets in the ecosys­tem like Moon­beam (GLMR) and Astar (ASTR)have lost 2.9% and 2.2% of their val­ues respectively.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *