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


The market capitalization of the Polkadot ecosystem fell by around 2.9% following the news of Gavin Wood’s departure as CEO.

Polkadot founder Gavin Wood announced On October 21st, I announced that I was stepping down from my role as CEO of Parity Technologies, the parent company behind the Polkadot and Kusama ecosystems.

Wood said his long-term passion is to be a thinker, coder, designer and architect. can return to full-time work.

โ€œI will refocus my attention on exploring how I can contribute to making Polkadot and Web3 more relevant to a large portion of the population,โ€ added Wood.

Following Wood’s resignation, Parity co-founder Bjorn Wagner will become the new CEO.

A majority shareholder of Parity Technologies, Mr. Wood will continue to serve on the Board of Directors, but will not be involved in the day-to-day operations of the company.

red polka dot ecosystem

polka dot ecosystem It has reportedly lost more than 2.9% of its market capitalization in the last 24 hours, reaching around $13 billion.

Polkadot’s DOT is down around 4.3% to trade at $5.84, while its sister Kusama (KSM) token is down 7% over the past 24 hours, according to CryptoSlate data.

Other top assets in the ecosystem such as Moonbeam (GLMR) and Astar (ASTR) lost 2.9% and 2.2% of their value respectively.

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