Written by Hazel J. Greene, Senior Analyst

Polygon Labs, a leading player in the blockchain space, has recently announced the release of its highly anticipated Governance Framework 2.0, a milestone achievement for the burgeoning Polygon ecosystem. This development comes hot on the heels of the newly unveiled Polygon 2.0 roadmap, designed to catapult the network into new realms of possibility with zero-knowledge-powered layer-2 chains.

The new framework pioneers a concerted effort to empower users and solidify Polygon’s position as a cutting-edge blockchain network, embracing an open and inclusive approach. In a blog post released by Polygon Labs today, the team emphasized their commitment to community involvement, stating, “The community has full control over the network and will have the final say on all the proposals that have been shared so far.”

Heeding the successes of existing blockchain governance models, Polygon Labs aspires to expand upon Ethereum’s renowned ethos of inclusivity and transparency. By actively soliciting feedback from ecosystem participants, the MATIC developers engendered a spirit of collaboration and welcomed contributions in shaping the implementation of Governance 2.0. The response has been resounding, with enthusiastic support and interest expressed by numerous stakeholders eager to participate in this collaborative journey.

The Governance Framework 2.0 comprises three key pillars:

1. Protocol Governance: The Polygon Improvement Proposal (PIP) framework serves as an open platform for proposing protocol upgrades. Already operational on the PoS chain, this framework is set to encompass the entire permissionless stack, thus inviting the community to actively participate in research and propose upgrades.

2. System Smart Contracts Governance: Upgrading protocol components implemented as smart contracts necessitates an additional governance layer. Polygon Labs proposes the establishment of the Ecosystem Council, a community-governed body entrusted with the responsibility of upgrading system smart contracts. Within this tailor-made governance framework, secure and efficient decision-making shall be ensured.

3. Community Treasury Governance: A self-sustainable Community Treasury aims to facilitate the ecosystem’s development and growth. This treasury will finance public goods and support programs for ecosystem projects. Governance of the Community Treasury will undergo two phases, commencing with the establishment of an independent Community Treasury Board and progressing towards a community-driven governance structure facilitated by novel mechanisms.

Ultimately, Polygon Labs envisions a future where community governance serves as the cornerstone of their ecosystem. By actively engaging in community calls, forums, and the interactive governance vision board, community members can actively contribute to the decision-making process and shape the future of Polygon.

The introduction of Governance Framework 2.0 represents a significant stride towards decentralized decision-making and community empowerment. Polygon Labs’ goal of fostering collaboration, transparency, and inclusivity is a testament to their commitment to creating a thriving blockchain network. Notably, the team recently proposed the conversion of MATC to the POL token, a development covered in a recent report by Bitcoinist.

In the realm of token prices, it is worth noting that the current MATIC price stands at $0.7422, experiencing a dip below the 23.6% Fibonacci retracement level, which now poses as a resistance point.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.