Pioneering Ethereum Layer 2 scaling protocol Polygon has taken a crucial step into increasing community ownership and governance with the introduction of the Polygon Governance Hub.
Polygon to Enhance Community Governance
Aragon Project, the popular developer of Decentralized Autonomous Organizations (DAOs) built the governance hub for the Polygon Community. In a statement, it was noted that Aragon Project created an end-to-end governance solution that comprises protocol governance contracts and a community-driven hub.
introducing the Polygon Governance Hub — a unified & transparent interface for community governance, developed with @AragonProject.
built hand-in-hand with the community, the hub marks the next chapter of Polygon governance and community ownership.
more on what this means 🧵 pic.twitter.com/CrAg6QwKwG
— Polygon | Aggregated (@0xPolygon) June 14, 2024
According to the X post from 0xPolygon, the hub is a unified and transparent interface for community governance. It is designed to “empower users and builders to influence core development of Polygon tech.”
The primary goal of the Polygon Governance hub is to engage the community and infuse their values. At every point, community feedback will be incorporated into the ecosystem to encourage decentralization. Polygon has three governance pillars; protocol governance, smart contract governance and community treasury governance. Of this three, the governance hub features a unified interface for the first two listed.
Precisely, the hub increases transparency and participation on the protocol governance while it brings an upgraded governance framework for smart contract governance. This framework for the latter, offers structured, transparent, and safety-focused process for decision-making.
Fighting for Layer 2 Dominance
The launch of the Polygon Governance Hub is also another attempt for the L2 to exert its dominance. In an ecosystem where there is a growing competition from Base, Optimism and Arbitrum, Polygon needed a standout mechanism.
As one of the most important factors to resolve in blockchain systems, handing control to the community through governance is considered a major feat. Like Polygon, the Cardano protocol is also set to hand over complete control of its treasury to the community. This ambitious push is imminent once the much awaited Chang hard fork goes live on the mainnet.
For Polygon, the recent launch of the Miden Alpha Testnet underscores its growing evolution across the board. With this governance era, more demand might rest on MATIC in the long term. This will come as investors will try to get involved in decision to bag incentives attached.
However, the news of the governance hub have not contributed so much to influencing the market value of the native token of the Polygon network. At press time, MATIC was 2.52% down and trading at $0.5984.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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