- Polygon (MATIC) Labs has gotten someone to fill the role of DeFi head.
- The new lead, Daniel Oon, has promised to take Polygon DeFi to the “bleeding-edge” of innovation.
- Oon boasts an extensive background across leading projects.
Over the past year, Polygon (MATIC) Labs’ executive ranks have undergone a significant overhaul amid founder exits and role changes. The most recent shakeup came in May 2024, when the firm’s Head of DeFi , Jack Melnick, jumped ship to join Berachain . After three months, Polygon (MATIC) Labs has now secured a replacement.
Polygon (MATIC) Labs Hands 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 excitement at the opportunity to be a part of 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.Commenting on Oon’s announcement, Polygon (MATIC) Labs CEO Marc Boiron confirmed the development while also expressing excitement about the move.
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“So excited to have Daniel Oon lead our DeFi team. Ramping up so fast just as the ecosystem will soon,” he asserted .
In general, positive reactions have followed Oon’s addition to the Polygon team, with Algorand former community head Autumn Moss Penalozoa describing the project’s new DeFi lead as a “legend.”
What You Need to Know About Daniel Oon
Daniel Oon boasts an educational background in Marine Engineering and Economics. At the same time, he also boasts several product management certifications per his LinkedIn profile.
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After mandatory national service in the Singapore Police Force in 2015, Oon immediately started using his skills by launching a crypto-focused “economics engineering research shop” called Cryptoeconomics Asia in 2016. From there, he has served in different crypto-related capacities across traditional finance and the native crypto space, including a stint at Deloitte and TZ APAC, a Tezos-facing adoption group.
Most recently, however, Oon served as head of DeFi at the Algorand Foundation, a stint that started in February 2022. During this spell, Algorand’s DeFi TVL has grown about 1,250% in ALGO terms from about 40 million ALGO to roughly 540 million ALGO per Defi Llama data at the time of writing. In U.S. dollar terms, however, this growth is less impressive at about 69%, from about $42 million to $71 million at the time of writing.
Nonetheless, at Polygon Labs, Oon has promised to make the Polygon network “the go-to platform for bleeding-edge DeFi innovation and degens alike.”
On the Flipside
- While Oon may have held the same role at Algorand, Polygon is on an entirely different level compared to Algorand, with a TVL of over $918 million at the time of writing.
Why This Matters
DeFi activity is a key contributor to the success of any blockchain. As such, Daniel Oon will likely play a big role in shaping Polygon’s future.
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