This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Polygon (MATIC), a Layer 2 scaling solution for Ethereum, has introduced a significant Improvement Proposal (PIP-29) to establish a Protocol Council responsible for upgrading system smart contracts. This move represents a major step towards implementing Governance 2.0 on the Polygon network. The council’s main role will be to make regular and emergency changes to the Polygon 2.0 components, ensuring the security and upgradeability of the system’s smart contracts. The proposal aims to address the need for a robust governance framework that can adapt to changing circumstances and enhance the security of Polygon’s ecosystem. The council will include representatives from the community to make informed decisions aligned with Ethereum’s principles and the wider Web3 ethos. The selection process for council members prioritizes individuals with a strong track record in the Ethereum ecosystem and the L2 space, emphasizing resilience through diversity. The proposal introduces a dual-route approach for smart contract changes, with regular changes requiring a 7/13 consensus among council members and emergencies requiring a high 10/13 consensus. The governance framework emphasizes backward compatibility and extensive testing to mitigate risks associated with the upgrade. This Protocol Council is an initial step towards the broader vision of Polygon 2.0 governance, with future proposals aiming to formalize a trust-minimized, community-based decision-making framework. The introduction of Governance 2.0 through the Protocol Council sets the stage for a more decentralized and inclusive decision-making process. The proposal reflects Polygon’s commitment to creating a secure and adaptable infrastructure to support the growth and innovation of decentralized applications on the network. The native token of Polygon, MATIC, has exhibited a stable price trend over the past 24 hours but has experienced a decline of 4.9% over the past 30 days and a significant drop of 41% in a year-to-date comparison.