Polygon Unveils New Decentralized Governance Framework for Polygon 2.0

Key Points:

• Polygon announces plans for a decentralized governance framework for Polygon 2.0, aiming for more decentralized control over its ecosystem.
• The framework includes three governance pillars: protocol governance, system smart contracts governance, and community treasury governance.
• The new governance model takes inspiration from Ethereum’s governance models and seeks to extend Ethereum’s ethos and community-building techniques.

Polygon, a leading cryptocurrency network, has unveiled its plans to establish a new governance framework for enhanced decentralized control over its ecosystem.

The initiative, known as Polygon 2.0, aims to develop a network of zero-knowledge-powered Layer 2 chains. The new governance model will consist of three pillars: core protocol governance, smart contracts governance, and community treasury governance. Drawing inspiration from Ethereum’s successful governance models, Polygon seeks to assimilate its ethos and community-building techniques into its own framework.

The governance proposal has undergone extensive community deliberation, with feedback and ideas from validators, users, developers, and ecosystem participants. The community has full control over the network and will have the final say on all proposals. The forward-looking governance framework promotes decentralized ownership and decision-making across all Polygon protocols and the ecosystem.

The three governance pillars provide a topology for decision-making mechanisms within the ecosystem. Protocol governance is facilitated through the Polygon Improvement Proposal (PIP) framework, allowing for coordinated upgrades proposed by internal and external actors. System smart contracts governance involves the introduction of the Ecosystem Council, a community-governed body responsible for upgrading smart contracts. Community treasury governance focuses on the establishment of a self-sustainable Community Treasury to fund public goods and support ecosystem projects.

The proposed roadmap includes the establishment of an independent Community Treasury Board in phase one, facilitating strategic funding and operationalization of the treasury vision. In phase two, the governance model evolves towards increased community-driven decision-making, utilizing approaches such as quadratic token voting, self-sovereign identities, and reputation-based decision-making.

The new governance framework for Polygon reflects the industry’s ethos of building in public and collaboration with the community. It aims to ensure the ongoing growth, development, and adoption of the ecosystem by fostering transparent communication, inclusivity, and efficient decision-making.

As Polygon continues to reimagine its ecosystem with Polygon 2.0, the governance framework will play a pivotal role in shaping the future of the network, fostering innovation, and maintaining the community’s involvement and influence.

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