- Polygon 2.0 introduces a new governance model centered around three key pillars – Protocol Governance, System Smart Contracts Governance, and Community Treasury Governance.
- The expanded PIP framework in Polygon 2.0 enhances community involvement.
- The introduction of the Ecosystem Council and Community Treasury ensures a decentralized and transparent approach to smart contracts.
Polygon, a prominent layer 2 scaling solution for Ethereum, has made a groundbreaking announcement with the proposal of Polygon 2.0. Polygon aims to empower its community and ensure decentralized ownership. This move comes as part of Polygon’s commitment to fostering a collaborative and inclusive approach to decision-making.
The process leading up to the proposed governance framework has been a result of extensive community engagement. Polygon prioritized the voices of its community members, hosting a series of forum posts, interactive community calls, and open public discussions. These efforts were aimed at gathering insights, suggestions, and feedback from the diverse stakeholders within the Polygon ecosystem.
The Three Pillars of Governance:
- Protocol Governance: At the heart of the new governance model lies Protocol Governance. This mechanism enables stakeholders to propose and vote on protocol upgrades and changes.
- System Smart Contracts Governance: Polygon 2.0 introduces System Smart Contracts Governance, a crucial pillar that allows the community to influence the upgrades of system-level smart contracts.
- Community Treasury Governance: The third pillar, Community Treasury Governance, establishes a framework for allocating funds and resources to support various projects.
Polygon’s PIP framework has been integral to coordinating the development of protocols within the network. In Polygon 2.0, this framework expands even further, inviting broader community involvement in proposing upgrades and improvements. This inclusive approach ensures that innovative ideas from developers, token holders, and other community members are considered.
Polygon’s move towards a new governance model underscores the significance of community involvement in shaping the future of the network. It is inviting its community to actively participate in decision-making processes, further cementing the platform’s commitment to creating a truly community-driven ecosystem.