- Polygon’s transition to ‘Polygon 2.0’ introduces a new governance framework with three key pillars for protocol governance, smart contracts, and the community Treasury.
- The MATIC token is set to undergo a significant overhaul, including a rebranding to “POL” and several technical upgrades.
Polygon, an acclaimed Ethereum scaling solution, has recently proposed a series of transformative changes to its governance structure in light of the upcoming ‘Polygon 2.0’. The innovative upgrade, announced last month, aspires to revolutionize every facet of Polygon, ranging from its foundational architecture to governance dynamics.
In a recent blog post, Polygon’s developers delineated an anticipatory framework encapsulating three central governance pillars, each addressing the core aspects of the Polygon ecosystem.
The Triad of Governance for Polygon 2.0
The first pillar corresponds to protocol governance, expanding the Polygon Improvement Proposal (PIP) framework to encompass not just the Proof-of-Stake chain, but all blockchains constructed on the Polygon infrastructure. By enlarging the scope of PIP, the community is granted a formal pathway to conduct research, propose improvements, and potentially implement these upgrades within the protocol.
The second pillar addresses system smart contract governance, overseeing the deployment of protocol upgrades as smart contracts. In this realm, the developers suggested the formation of a community-driven “Ecosystem Council” that would supervise these upgrades via a veto and election process. As the developers noted,
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“A migration to the initial Ecosystem Council will be proposed as a PIP soon, one with significant consensus requirements and a reputable set of members to represent the ecosystem in this initial phase.”
The final governance pillar establishes a community treasury, functioning as a self-sustaining fund for the ecosystem. Allocated towards public goods and ecosystem-centric initiatives, the treasury will be launched in two phases; the initial phase establishes the board and ensures transparency, and the subsequent phase introduces explicit community decision-making via techniques like quadratic decision making and self-sovereign identities for Sybil resistance.
In addition to these significant governance alterations, Polygon also intends to rejuvenate its native token MATIC with a new identity – “POL”, and several technical enhancements. As outlined in a recent whitepaper, the POL token aims to become a “hyperproductive token” that enables validators to earn rewards across multiple chains.
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