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

Must read

Bitfinex holds the highest amount of Tether(USDT) at 60%, exchange balances surpass ATH

Bitfinex holds the highest amount of Tether(USDT) at 60%, exchange balances surpass ATH Richard Adrian · 20 mins ago · ...

Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil

Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil Liam 'Akiba' Wright · 5 hours ago · 2...

CryptoSlate Wrapped Daily: Ethereum losses deflationary gains; Andre Cronje reveals how DeFi saved Fantom

CryptoSlate Wrapped Daily: Ethereum losses deflationary gains; Andre Cronje reveals how DeFi saved Fantom Christian Nwobodo · 3 hours ago ·...

Upbit’s parent company Dunamu sees profit drop 76% in Q3

Upbit’s parent company Dunamu sees profit drop 76% in Q3 Soumen Datta · 6 hours ago · 1 min read...

Polkadot ecosystem falls 2.9% after founder Gavin Wood steps down as Parity CEO Polkadot ecosystem falls 2.9% after founder Gavin Wood steps down as Parity CEO Christian Nwobodo · 8 mins ago · 1 min read

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

1 min read

Updated: October 21, 2022 at 6:35 pm

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

Cover art/illustration via CryptoSlate

Xeggex

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.

More articles

Latest article

Bitfinex holds the highest amount of Tether(USDT) at 60%, exchange balances surpass ATH

Bitfinex holds the highest amount of Tether(USDT) at 60%, exchange balances surpass ATH Richard Adrian · 20 mins ago · ...

Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil

Gemini reveals $601M GUSD backing, 45+ licenses amid global exchange turmoil Liam 'Akiba' Wright · 5 hours ago · 2...

CryptoSlate Wrapped Daily: Ethereum losses deflationary gains; Andre Cronje reveals how DeFi saved Fantom

CryptoSlate Wrapped Daily: Ethereum losses deflationary gains; Andre Cronje reveals how DeFi saved Fantom Christian Nwobodo · 3 hours ago ·...

Upbit’s parent company Dunamu sees profit drop 76% in Q3

Upbit’s parent company Dunamu sees profit drop 76% in Q3 Soumen Datta · 6 hours ago · 1 min read...

Research: Whales have been offloading Bitcoin since 2021

Research: Whales have been offloading Bitcoin since 2021 Zeynep Geylan · 6 hours ago · 2 min read ...