In a new development, Polygon, a Layer 2 protocol on Ethereum has announced the launch of the Polygon Governance Hub. The hub is a transparent and unified platform designed for community governance.
Polygon: Empowering the Community
Notably, the Polygon Governance Hub was developed in collaboration with the Aragon Project.
The overall goal of the initiative is to usher in a new era of decentralized governance and community-driven ownership for Polygon. The primary objective of the Governance Hub is to empower both users and builders to have a significant influence on the core development of Polygon technology.
While Polygon and Aragon created the platform in phases, it incorporated community feedback at every stage in order to guarantee a decentralized ecosystem that genuinely reflects community values.
Polygon is huge on community-driven projects as it recently unveiled a Community Treasury valued at $720 million to unlock a total of 1 billion Polygon ecosystem tokens. The initiative is designed to support developers within the Polygon (MATIC) and Ethereum (ETH) ecosystems.
Unified Governance Interface
Specifically, the hub provides a unified interface meant to cater to two of Polygon’s three governance pillars, namely protocol governance and system smart contract governance. As for the protocol governance, the hub aims to increase transparency and participation, enabling the community to have a more active role in the decision-making process.
the hub features a unified interface for two of the three Polygon governance pillars:
– protocol governance
– system smart contract governance
for the former, the hub increases transparency and participation. for the latter, it introduces an upgraded governance framework.
— Polygon | Aggregated (@0xPolygon) June 14, 2024
Meanwhile, the systems smart contract governance has been upgraded with a governance framework architecture meant to ensure a structured, transparent, and safety-focused approach to managing decisions.
Generally, there is transparency in the new governance framework from proposal submission through community voting to the final implementation. Included in the structure are veto votes such that when there is a veto, the proposal is rejected. Conversely, the proposal gets passed when there is no veto.
The decentralized precedence the protocol is setting might play a role in guiding new L2 entrants like Taiko. Overall, the new Polygon initiative is poised to aid the price surge, however, at the moment, MATIC is down by 4.95% in 24 hours to $0.5793.
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