Polygon Labs has taken the initiative to expand and democratize its governance mechanism for the forthcoming Polygon 2.0 roadmap, aiming to include all blockchains and applications running on the Polygon network. The company’s developers presented a proposal on July 19, intending to establish several layer 2s on the network and encourage community participation in the upgrade process.
The new governance structure is built upon three main pillars:
Expanding the Polygon Improvement Proposal (PIP) framework: This expansion will enable users to propose and research upgrades for all blockchains and applications on the Polygon network. By granting community members the ability to propose upgrades, the ecosystem aims to incorporate diverse insights and potential improvements into the protocols governing its operations.
System Smart Contracts Governance: This pillar focuses on streamlining the implementation of upgrades for protocol changes and smart contract functionalities. A specialized ecosystem council, governed by community-elected members, will oversee these changes.
Community Treasury: The third aspect involves establishing a “Community Treasury” mechanism to support the growth of the Polygon ecosystem and fund various projects. Initially managed by an independent community treasury board, the goal is to transition to community-driven governance gradually.
The proposed governance structure seeks to empower the Polygon community, promote participation, and facilitate advancements in the network’s protocols and applications.