Polygon Labs Unveils New Governance Framework 2.0

Polygon Labs has revealed its highly anticipated Governance Framework 2.0, marking a significant milestone for the Polygon ecosystem. The development comes shortly after the team’s new roadmap called Polygon 2.0 was released which aims to develop a network of zero-knowledge-powered layer-2 chains.

With a strong emphasis on community involvement, the new framework aims to empower users and solidify Polygon’s position as a leading blockchain network, according to a blog post published today. Polygon Labs states, “The community has full control over the network and will have the final say on all the proposals that have been shared so far.”

Polygon 2.0

Drawing inspiration from successful blockchain governance models, Polygon Labs seeks to extend Ethereum’s open and inclusive governance ethos. To ensure transparency and collaboration, the MATIC developers engaged in community deliberation, actively seeking feedback from various ecosystem participants. The response has been overwhelmingly positive, with strong support and interest expressed in collaborating on the implementation of the governance 2.0.

The Governance Framework 2.0 comprises three key pillars:

Protocol Governance: The Polygon Improvement Proposal (PIP) framework provides an open platform for proposing upgrades to the protocols. The framework, already operational on the PoS chain, will expand to cover the entire permissionless stack, allowing the community to participate in research and propose upgrades.

System Smart Contracts Governance: Upgrading protocol components implemented as smart contracts requires an additional governance layer. The team proposes the establishment of the Ecosystem Council, a community-governed body responsible for upgrading system smart contracts. The council will operate within a tailor-made governance framework, ensuring secure and efficient decision-making.

Community Treasury Governance: The goal is to establish a self-sustainable Community Treasury to support the ecosystem’s development and growth. The treasury will fund public goods and support programs for ecosystem projects. The governance of the Community Treasury will evolve through two phases, starting with the establishment of an independent Community Treasury Board, followed by increased community-driven governance facilitated by novel mechanisms.

Overall, Polygon Labs envisions a future where the ecosystem is governed by and for the community. Through active participation in community calls, forums, and the interactive governance vision board, community members can contribute to the decision-making process and shape the future.

Thus, the introduction of the Governance Framework 2.0 represents a significant step towards decentralized decision-making and community empowerment. The developers aims to foster collaboration, transparency, and inclusivity, creating a thriving blockchain network. Remarkably, the team proposed the conversion of MATC to the POL token just a few days ago, as Bitcoinist reported.

MATIC Price Takes A Hit

At press time, the MATIC price stood at $0.7422. Thus, the price has once again fallen below the 23.6% Fibonacci retracement level, which now serves as resistance.

MATIC below 23.6% Fib level, 1-day chart | Source: MATICUSD on TradingView.com