Sunday, May 26, 2024

Developers of Polygon Labs on Wednesday proposed a restructuring of the governance mechanism for the upcoming Polygon 2.0 roadmap, which seeks to create multiple layer-2s on the network.

Developers said the new governance structure would consist of “three main pillars,” each pertaining to a specific function.

First would be the expansion of the Polygon Improvement Proposal (PIP) framework – which allows users to propose and research upgrades for Polygon protocols – to all blockchains and applications that run on the Polygon network. This would allow community members to research and propose upgrades that may eventually become part of protocols.

Second, a “System Smart Contracts Governance” pillar that facilitates upgrades for protocol changes or software that is implemented as a smart contract. Such changes would be overseen by an Ecosystem Council, elected and governed by the community, made up of reputed members.

Third, a “Community Treasury” governance mechanism that supports the Polygon ecosystem’s growth and funds projects. It will be managed by an independent Community Treasury Board, eventually transitioning to community-driven governance.

As such, Polygon Labs has urged the ecosystem’s stakeholders, such as developers and network validators, to discuss the governance plans as these are subject to community approval.

Polygon’s MATIC tokens are down 1.1% over the past 24 hours and trading at 74 cents.

Edited by Parikshit Mishra.

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