- Polygon (MATIC) Labs Hires DeFi Lead
- New leader Daniel Oon promises to lead Polygon DeFi to the “forefront” of innovation.
- Oon has extensive experience in major projects.
Last year, Polygon (MATIC) Labs’ executive team underwent a significant shakeup due to the departure of the founder and changes in roles. The most recent shakeup took place in May 2024, when the company’s DeFi head, Jack Melnick, switched ship to join Berachain. Three months later, Polygon (MATIC) Labs now has a replacement.
Polygon (MATIC) Labs Joins Daniel Oon DeFi Reins
Daniel Oon has left Algorand to join Polygon (MATIC) Labs as Head of DeFi. Oon made the announcement on Wednesday, August 21, expressing his excitement for the opportunity to join the Polygon (MATIC) team.
"I'm joining Polygon Labs to lead Polygon DeFi! Thrilled to be part of this innovative team and to help drive the next phase of DeFi growth on Polygon," Oon enthused.
In response to Oon’s announcement, Marc Boiron, CEO of Polygon (MATIC) Labs, confirmed the development and expressed his excitement for the move.
“I am very excited to have Daniel Oon lead our DeFi team. The ecosystem is growing very quickly and we are excited to see how it can grow,” he said.
In general, the reaction to Oon’s addition to the Polygon team has been positive, with Autumn Moss Penalozoa, former head of community at Algorand, describing the project’s new DeFi leader as a “legend.”
Things to know about Daniel Woon
Daniel Oon boasts an educational background in marine engineering and economics. He also holds several product management certifications, according to his LinkedIn profile.
After completing his mandatory national service with the Singapore Police Force in 2015, Oon immediately put his skills to use by launching Cryptoeconomics Asia, a cryptocurrency-focused “economic engineering research centre” in 2016. He has since held a number of crypto-related positions in both traditional finance and native crypto, including working at Deloitte and Tezos adoption group TZ APAC.
However, most recently, Oon served as the Head of DeFi for the Algorand Foundation, which launched in February 2022. During this time, Algorand’s DeFi TVL has grown by approximately 1,250% from ~40 million ALGO to ~540 million ALGO. Defi Rama This is the data at the time of writing. However, in US dollars, this growth is not that impressive, at around 69%. It went from around $42 million to $71 million at the time of writing.
Nonetheless, Oon at Polygon Labs promised to make the Polygon Network “the go-to platform for both cutting-edge DeFi innovation and degen.”
On the other side
- Oon may have played the same role in Algorand, but Polygon is on a completely different level when compared to Algorand. TVL is over $918 million At the time of writing this article.
Why this matters
DeFi activity is a major contributor to the success of any blockchain, so Daniel Oon is likely to play a big role in shaping the future of Polygon.
To learn more about Polygon (MATIC), read:
Coinbase Supports Polygon’s MATIC to POL Upgrade: What You Need to Know
Polygon (MATIC) Thirsty to Break Out of Month-Long Downtrend Amid Altcoin Rally