Polygon To Form Decentralized Autonomous Organization

Polygon, the Ethereum scalability infrastructure developer recently announced that it has plans to form a DAO or a decentralized autonomous organization. It will be for all the members of its community and projects in the area of ​​decentralized finance or DeFi. In an announcement on Thursday, the firm asked all of its members about their views and opinions on the platform forming a decentralized autonomous organization. As per Polygon, it is currently planning to form committees. These committees can stimulate discussion on projects such as QuickSwap, Sushi Aave, and others. It is doing this because of its main motive which is to “bring DeFi to the next million users”. The project said:

“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products. Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO token holders.”

Polygon’s Plans For Decentralized Autonomous Organization

Polygon claims that forming a decentralized autonomous organization can provide a solution for scaling projects in Software Development Kits or also known as SDKs. Other potential advantages of a DAO can include “anyone building tooling, integrations, and projects” on layer-two rollups. Polygon made this announcement just after a few days of the platform telling that it would integrate the Hermez Network into its ecosystem for almost $250 million. This integration was a part of Polygon’s extension to zero-knowledge proofs.

Lending markets and established decentralized exchanges (DEXs) are the backbones of the DeFi ecosystem. Many decentralized applications are built on these platforms. Thus, by incorporating them into the decision-making process, Polygon invites new projects to leverage DeFi rights in the ecosystem. Also, they can create completely new and unique models of DeFi protocols on Polygon. Moreover, Polygon will keep building on the Ecosystem DAO initiative in the next few weeks and months. Polygon has now begun building the original framework of its governance structure. It is also soliciting community feedback. It will help the platform shape and build the foundation on which the DAO will stand.

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