- Polygon Labs proposes several big changes to the Polygon network ahead of Polygon 2.0.
- The most recent proposal will introduce drastic changes to governance.
- The proposal introduces three governance pillars.
The Polygon network is moving full steam toward the Polygon 2.0 vision of creating a network of zero-knowledge-proof powered blockchains. In anticipation of this transition, Polygon Labs, the primary development team behind the network, has suggested several significant changes.
Following a proposal to upgrade the native token of the network from MATIC to POL to better serve the Polygon 2.0 plan, the firm has now proposed to restructure Polygon’s governance.
“The Three Governance Pillars”
In a blog post on Wednesday, July 19, Polygon Labs asserted that governance needed to evolve in line with the Polygon 2.0 vision.
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The team suggested that under Polygon 2.0, the proposed governance structure would consist of “three governance pillars” designed to simplify and properly organize the governance process.
The first pillar identified by Polygon Labs was “protocol governance.” Here the team proposes an expansion of the Polygon Improvement Proposal (PIP) framework to support community education on the entirety of the Polygon ecosystem. The expansion would provide community members with an avenue to research and suggest changes to multiple projects within the network.
Next is the “system smart contract” pillar for upgrades implemented with smart contracts. Developers argue that while these upgrades can be implemented through the PIP framework, an extra layer of governance is needed due to the nature of Ethereum smart contracts. Consequently, the firm proposes the creation of an elected “ecosystem council” controlled by community veto and monitored through a transparency dashboard.
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The final pillar is the “community treasury governance,” geared towards the recently proposed community treasury in POL’s tokenomics. A community treasury board will manage this category. Nominations to fill this board are already ongoing, according to Polygon Labs.
Developers continue to request the community’s feedback on the proposal.
On the Flipside
- The governance proposal is still subject to change during the feedback process.
- The community has yet to approve the proposal.
Why This Matters
Polygon is one of the most popular Ethereum Layer 2 solutions. The recent proposal intends to change how this protocol is governed significantly.
Read this to learn more about MATIC’s upgrade to POL:
How Polygon’s MATIC to POL Upgrade Unlocks the Polygon 2.0 Vision
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