In a significant development for the Polygon network, a new Polygon Improvement Proposal, PIP-29, has been introduced, aiming to establish a robust governance framework. This framework will empower a 13-person Protocol Council to oversee essential upgrades to system smart contracts within existing and forthcoming Polygon protocols.
The Influential Protocol Council Members
The proposed Protocol Council boasts an impressive lineup of influential figures in the crypto space. Notable members include Polygon co-founder Jordi Baylina, Viktor Bunin, protocol specialist at Coinbase, Ethereum Foundation researcher Justin Drake, and Cometh CEO Jerome de Tychey, among others.
About Polygon and MATIC Token
For those unfamiliar, Polygon is a renowned interoperability and scalability solution designed for constructing Ethereum-compatible blockchains. The MATIC token, a pivotal asset in the Polygon ecosystem, plays a crucial role in governance, staking, and covering gas fees.
Responsibilities of the Protocol Council
The Protocol Council, acting through a Gnosis Safe smart contract, will shoulder the responsibility of conducting regular and emergency system upgrades. The initial scope of their duties encompasses the POL Migration Contract and Emission Manager Contract.
This strategic move aligns with the vision of Polygon 2.0, introduced in June, which outlines the launch of a brand new token known as POL, slated to replace MATIC.
Modifications to the contracts can be made through two distinct routes. The standard change route requires a 7/13 consensus among the Protocol Council members, coupled with a 10-day timelock. Meanwhile, the emergency change route demands a more robust 10/13 consensus but omits the timelock.
Objective of the Initiative
The primary objective of this initiative is to establish a framework for decentralized ownership and decision-making within the Polygon ecosystem. It signifies the initial step toward realizing the overarching vision of Polygon 2.0 governance, aiming for an on-chain, trust-minimized, and community-driven framework for decentralized decision-making.
Future proposals will further formalize and enhance this governance framework. In the days to come, the Polygon community will play a pivotal role in shaping the composition and guidelines of the Protocol Council. This will be achieved through direct feedback, proposals utilizing the PIP framework, as well as through both off-chain and on-chain voting mechanisms. Polygon’s governance model is evolving, and it is poised to reflect the collective will of its diverse and engaged community.