In Brief:
- Polygon suggests the DAO to kickstart DeFi growth.
- The DAO will move Polygon beyond its Proof-of-Stake (PoS) ties.
Polygon, an Ethereum scaling full-stack solution platform, announced its plans to create a DAO to take the DeFi ecosystem forward. The company plans on creating the DAO by uniting various platforms such as Sushiswap, Curve, Aave, Balancer, Kyber, etc., and services using shared architecture.
Polygon is planning to leverage its $100 million DeFi fund towards creating and maintaining the DAO. The DAO can bring improved and more transparent governance within an ecosystem.
The initiative will also airdrop new DAO governance tokens to current users of Polygon’s network when the concept materializes.
“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the platform.
In the announcement, Polygon asked its members to express their views on the platform forming a DAO. Poly plans to create committees to promote discussion between projects including QuickSwap, Sushi Aave, and others. This would be to “bring DeFi to the next million users.”
“As the Polygon ecosystem grows, the committee members have a front-seat opportunity over others to increase cross-collaboration for their products,” said the project. “Voting for elections of new members could be implemented in multiple ways like by using staked MATIC on PoS or via the DAO tokenholders.”
According to the company’s formal announcement, “Polygon’s overarching intention is to decentralize specific internal decision-making and invite the community to have a say in the ongoing development of the Polygon DeFi sector. The venture also intends to foster greater cross-collaboration and compatibility within community projects.”
Polygon Earlier announced its merger with The Hermez Network. The merger was part of Polygon’s expansion into zero-knowledge proofs. This is one of the most interesting and first complete mergers of one blockchain into another.
