Polygon decides to create a DAO for its community members and DeFi projects

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 20, 2021
  • Polygon, formerly Matic, announced the intention to create a DAO for its community.
  • The project invited the community to comment on the decision and provide its feedback.
  • The DAO will have a number of use cases, such as governance and the ability to support other projects.

Polygon, the Ethereum (ETH/USD) scalability infrastructure developer, recently announced its intention to create a new decentralized autonomous organization, or DAO. The new DAO will be designed to serve the project’s community members, but also many of the DeFi projects that are tied to Polygon (MATIC/USD) in any way.

The announcement came yesterday, August 19th, when Polygon invited its members to comment on the platform’s decision to form a DAO. The project plans to create entire committees that will promote discussions and, potentially, collaborations between different projects, such as Sushi, Aave, QuickSwap, and more.

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The goal is to continue pushing the adoption of DeFi, and preferably, to bring it to further milestones, specifically, to the next million users. The project pointed out that its ecosystem is growing very quickly, and the committee members will have a unique opportunity to increase cross-collaboration for their products.

The project imagines voting for elections of new members to be implemented in a number of ways, such as via the staked MATIC tokens, or through DAO token holders.

What else would the DAO be used for?

DAO would have a number of additional uses, according to Polygon. For example, it could be used for offering a solution that could help various projects scale on the software development kits (SDKs). In addition to that, DAO could also help those building tooling, integrations, and projects’ layer two roll-ups benefit.

The announcement came as a surprise, as it came less than a week after Polygon previously made headlines by announcing the integration of the Hermez Network into its ecosystem. The deal was achieved in exchange for $250 million, and it will help Polygon expand into zero-knowledge proofs. In other words, the project is advancing very quickly, and it is clearly working on a number of ways to expand and improve its service.

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