Polygon announces Decentralized Autonomous Organization (DAO) for the Web 3 ecosystem



Polygon will form a DAO to enable projects, developers and the community to create a better DeFi and Web3 ecosystem and take the industry to the next level.

DUBAI, UAE / ACCESSWIRE / August 20, 2021 / Polygon, a comprehensive Ethereum scaling solution bringing massive adoption to the Ethereum platform, today announced its intention to create a Decentralized Autonomous Organization (DAO) for the Decentralized Financial Sector (DeFi) and the web space3. Polygon offers DAO to kick-start DeFi’s growth and help bring the next 100 million users into Polygon.

With the majority of Web 3.0 projects such as Sushiswap, Curve, Aave, Balancer, Kyber already using Polygon’s PoS chain as their preferred scaling solution, formulating a DAO was the next logical step to facilitate collaboration. and composability between blockchain-based systems – two critical facets of the success of Web 3.0.

Now with the addition of Zk-rollups Ready to unlock full network scalability, Polygon’s mission to integrate over 100 million users through a fully scalable DAO ecosystem can finally be launched. DAO will move Polygon beyond its Proof-of-Stake (PoS) links and leverage its SDK and stacking chains to become a cross-chain protocol encompassing all of Web 3 under one platform.

Polygon will leverage a portion of its $ 100 million #DeFiforAll fund to make the DAO a reality. The fund was created to make decentralized finance (DeFi) more accessible and integrate more end users, strongly aligning with the philosophy of the proposed DAO.

A DAO is a blockchain-based organizational model structured so that control is distributed throughout the organization, rather than hierarchical. DAOs are intended to eliminate the centralization of essential operations. Instead, they allow organizations to govern through a distributed community of users and administer decisions through self-executing rules encoded through smart contracts.

Cryptographic instructions are automatically executed when certain conditions (predetermined by members) are triggered. Instead of having to trust one person or entity to make decisions or take action on behalf of others, members typically use governance tokens – such as Compound, Badger, and BarnBridge – to vote on matters. important.

The result is higher levels of transparency, cost savings and decentralized decision making.

Polygon is no stranger to building decentralized organizations, having already announced a 10 M $ DAO with the 0x protocol to fund projects using API 0x on Polygon. The new ecosystem DAO offered by Web 3 will be a natural extension to build a larger ecosystem and integrate the next 100+ minutes of Ethereum users.

Polygon’s overall 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 company also intends to promote greater cross-collaboration and better compatibility within community projects.

Polygon aims to involve both the community and the developers through an incentive governance system. An incentive mechanism will arrive in the form of a bespoke governance token that will allow holders (community members) to vote on the proposals that shape the future of the protocol and govern the DAO. The governance token should be airdropped to loyal users of the Polygon ecosystem.

The boundaries between DeFi, NFT and Gaming are increasingly blurred – as native projects like Cometh Games and AaveGotchi show. Polygon’s software development kit (SDK) already allows developers to build and scale their chain, securing the network through their own validators or Polygon’s validators. Sports prediction platform SportX recently launched SX Network and will go live soon as the first Polygon project to do so. Scaling solutions through the SDK requires multiple integrations with Chainlink, TheGraph, wallet integrations and ramps / offs, etc. These could be jointly funded by the two projects through this DAO – thus opening up new collaborative avenues for funding and growth.

A series of polygon-integrated projects have already been approved to form the DAO Ecosystem, including Chainlink, a decentralized blockchain oracle network; QuickSwap, an Ethereum-based Decentralized Unauthorized Exchange (DEX) powered by Polygon Network’s scalability infrastructure; SushiSwap, an Ethereum-based decentralized exchange that allows you to trade a wide range of tokens; and Aave, the largest loan market on Polygon.

“Chainlink powers the DeFi economy through high-quality decentralized Oracle networks that provide external data and off-chain computations across various chains. With Polygon entering a new phase of increased decentralization, we are pleased to support the growth of the smart contract ecosystem and help develop DeFi and Web3 together, ”said Daniel Kochis, Head of Partnerships at Chainlink Labs.

“Polygon’s success with DeFi has been instrumental in the growth of QuickSwap into a premier DEX with over one billion TVL. QuickSwap is happy to join and contribute to Polygon Ecosystem DAO as one of the core members to drive decision making and engage our Quickswap community. I’m looking forward to it !!’ said Sameep Singhania, Technical Director of Quickswap.

Lending markets and established decentralized exchanges (DEX) are the foundation of DeFi ecosystems, and many dapps rely on these platforms. By including them in the decision-making process, Polygon invites new projects to use DeFi ecosystem legos and create entirely new and unique DeFi protocol models on Polygon.

The polygon will evolve the Ecosystem DAO initiative in the weeks and months to come. For now, Polygon has begun to piece together the original framework of the governance structure, while also asking for community input to help shape and build the foundation upon which the DAO will rest.

Polygon would love to hear from the community on how to move forward. Please drop your thoughts here in the official Telegram announcement channel. Polygon advocates and the Polygon team would love to hear from the community on how to evolve in the future. Visit https://forum.polygon.technology/ to stay on top of progress.

About the polygon

Polygon is the first well-structured and easy-to-use platform for scaling and developing Ethereum infrastructures. Its main component is Polygon SDK, a modular and flexible framework that supports the creation and connection of secure chains such as Plasma, Optimistic Rollups, zkRollups, Validium, etc., and standalone chains such as Polygon POS, designed for the flexibility and independence. Polygon’s scaling solutions have been widely adopted with over 450 Dapps, around 350 million txns, and around 13.5 million unique users.

If you are an Ethereum developer, you are already a Polygon developer! Take advantage of Polygon’s fast and secure txns for your Dapp, get started here.

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