- The new Polygon Governance Hub, created with Aragon, enhances community involvement and decentralized protocol governance.
- Polygon’s Community Grants Program distributes 1 billion POL tokens to support blockchain projects and innovations.
- The General Grant Track focuses on Polygon-based projects, while the Consumer Crypto Track drives cryptocurrency adoption.
Aragon Project, a development team that specializes in Decentralized Autonomous Organizations, has issued a governance hub for the Polygon community. The hub enhances the capacity of the users and developers to shape the primary Polygon technology, in a bid to sustain a decentralized and community-governed platform.
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Polygon Governance Hub, created with Aragon, will serve as a comprehensive governance solution and user interface for the community. The initial iteration of the Hub will concentrate on two of Polygon’s three governance pillars: Protocol Governance and System Smart Contract (SSC) Governance. This hub allows community members to submit Polygon Improvement Proposals (PIP) for changes to the smart contract protocol and system.
Furthermore, the hub will enable token stakeholders to vote on Protocol Board decisions or delegate their votes to community members who reflect their interests. This method will ensure community alignment while also providing crucial supervision and balances on Polygon Protocol Board decision-making.
The Polygon Governance Hub will be a centralized governance interface that promotes openness and community participation. For Protocol Governance, this hub will collect all submitted PIPs and track their progress. For SSC Governance, the hub will allow stakeholders to vote and implement a delegation scheme, giving the community control over the development of critical protocols.
Each PIP proposal will go through multiple processes, beginning with submission, then voting by the Protocol Council, releasing a transparency report, and finally voting by community participants to approve or reject it. This procedure is intended to enable efficient and safe governance while preserving high protocol security.
In addition to enhancing governance through the New Hub by Aragon Project, Polygon has launched a Community Grants Program aimed at supporting blockchain research by distributing 1 billion POL tokens over the next ten years. The program began with an initial distribution of 35 million MATIC tokens for the first season, totaling about $23 million.
An impartial Community Treasury Board will administer the newly constituted Community Treasury. The program provides two grant tracks: the General Grant Track and the Consumer Crypto Track. The General Grant Track welcomes any project that builds on Polygon, with an emphasis on developer tools, protocol infrastructure, and dApps.
The Consumer Crypto Track focuses on initiatives that drive cryptocurrency adoption through consumer applications such as gaming, gamified trading, NFT innovation, and content production. Furthermore, the initiative intends to support both new and existing projects to migrate to Polygon, with a focus on long-term growth and community governance.
Applications are accepted between June 11 and August 31, 2024, with an average review time of four weeks for award disbursements. Grants will range from 5,000 to more than 50,000 MATIC, and the Community Treasury Board will oversee the selection process.
The initiative began with 35 million tokens, out of a total of 1 billion POL tokens that would be issued over the next decade. POL tokens will be used to encourage user participation in the interpretation and contextualization of on-chain data. It attempts to improve on-chain literacy and facilitate access to complex blockchain data.
Polygon is pioneering decentralized governance with Aragon, empowering community-led innovation. Their 1 billion POL token Community Grants Program supports blockchain R&D, attracting projects to enhance its ecosystem. With a focus on growth, user involvement, and robust governance, Polygon aims to lead decentralized tech adoption and innovation.
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