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, he announced that he was stepping down from his 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. As a result, taking off the CEO hat will allow him to return to his full-time job solving problems facing his Polkadot ecosystem.

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