KEY TAKEAWAYS
- Polygon introduces System Smart Contracts Governance to enhance community decision-making and network upgradeability.
- The Polygon Governance Hub allows community members to delegate voting power, fostering participation in governance.
- System Smart Contracts Governance ensures secure and efficient upgrades through a Protocol Council model and staked tokenholder voting.
- The Governance Hub centralizes governance activities, promoting transparency and accessibility for Polygon stakeholders.
Polygon has announced a significant upgrade to its governance framework, introducing System Smart Contracts Governance. This new phase aims to enhance community decision-making across the Polygon network, reflecting the community’s innovation and dynamism. The announcement was made here.
Through the Polygon Governance Hub, community members can now delegate their voting power, marking an important step in participating in Polygon’s community governance. This development is designed to support the growth of Polygon networks by providing a robust framework for decision-making at all levels.
In alignment with the principles of community participation and decentralization, holders of staked POL tokens can engage in transparent voting processes. The Polygon Governance Hub facilitates clarity and efficiency in governance activities.
Understanding System Smart Contracts Governance
System Smart Contracts Governance addresses the need for both security and upgradeability in Layer 2 (L2) chains. It is crucial to upgrade the chain without compromising its security. Governance mechanisms ensure that all upgrades maintain the community’s trust in the chain and its smart contracts.
The Polygon community has adopted the Protocol Council model to enable efficient and secure upgrades to critical infrastructure. This model allows the technical community, Protocol Council, and staked tokenholders to participate in decision-making through a novel voting framework.
Authority is delegated to the Protocol Council, which creates on-chain proposals based on Polygon Improvement Proposals (PIPs) from the core contributor community. Staked tokenholders can signal their votes on these proposals, ensuring transparency and legitimacy in decision-making.
Unique Aspects of the Governance System
System Smart Contracts Governance is distinct from other governance aspects, such as the Community Treasury. Different governance forms require different models, similar to how local and national governments operate within a country.
This separation ensures that decisions are made by those with the appropriate expertise and authority. For more details on the SSC signaling framework, refer to PIP-50.
Polygon Governance Hub: A Centralized Interface
The Polygon Governance Hub serves as the interface for the new governance framework and other community initiatives. It provides insights into governance proposals, access to community discussions, and voting capabilities for staked tokenholders.
The Governance Hub is designed to make governance more accessible and transparent for all Polygon community stakeholders. It is a place where the community can gather to make important decisions about the network’s future.
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