Polygon team unveils new governance model for the protocol

As part of the Ethereum-layer-2 network Polygon 2.0will form a so-called ecosystem council to increase decentralisation of control.

The prerogative of the framework will be upgrading the smart-contract system.

To provide broader visibility into the council’s activities, a transparency dashboard will be introduced. The open-source tool is designed to track the community’s transactions related to updating their lifecycle.

The other two “governance pillars” will be the core protocol and treasury management. The latter envisages two-stage community voting for funding projects. The exact scheme remains to be chosen.

The model also envisages extending PIP to the entire ecosystem stack.

In shaping it, developers drew on the ethos and methods of building Ethereum communities.

To form leadership, the team invited all stakeholders, including validators, developers of dapps and users.

Back in July 2023, Polygon Labs presented the tokenomics parameters for the next iteration. One of its steps is the replacement of utility tokens MATIC with Polygon (POL).

In June, developers disclosed the proposed architecture for Polygon 2.0 .

Earlier ForkLog presented material on the differences between governance tokens and utility tokens.