The Polygon team has announced plans to create a new governance framework that aims to decentralize the control mechanism of the ecosystem. This development emerged in response to the team’s new roadmap called Polygon 2.0, which aims to develop a network consisting of zero-knowledge-supporting Layer 2 chains.
In the new governance model for Polygon, the team will focus on the governance of the core protocol, smart contracts, and community treasury, creating “three governance pillars.” The Polygon team will draw inspiration from Ethereum’s governance models for all of these.
Other announced features include expanding the Polygon Improvement Proposal (PIP) framework, establishing an Ecosystem Council for system smart contract upgrades, and implementing a two-stage community treasury governance to finance promising ecosystem projects.
The Polygon team also invited stakeholders, including validators, decentralized application developers, and users, to participate in shaping the governance. The team stated, “To enable this, we propose a forward-looking framework for decentralization ownership and decision-making on all Polygon protocols and the ecosystem.”
Polygon’s native asset, MATIC, is trading at $0.7403 with a 2.12% decrease in the last 24 hours. MATIC, the 11th largest cryptocurrency with a market capitalization of $6.89 billion, turned its direction upwards following the court’s partially favorable decision in the case opened by the U.S. Securities and Exchange Commission (SEC) against Ripple, which caused a sharp rise in XRP.
Since then, the altcoin has been on a downward trend, dropping to $0.73 and currently attempting to recover. Market analysts emphasize that the most critical threshold for MATIC is around $0.89, and if this threshold is surpassed, a movement towards $1 could be observed.