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Polygon intends to establish a Decentralized Autonomous Organization (DAO). According to a statement, the DAO mechanism should include 100 million additional users in the network. In addition, a $100 million fund may shed light on the blockchains DAO idea.
A DAO depicts an environment in which people implement management activities without any central authority’s supervision. Polygon aims to integrate such a mechanism, enabling people to comment on the DeFi sector of Ethereum.
Developers and users may thus use a shared platform and talk about ideas that lead to a strengthened community. In addition, the introduction of DAO functionality improves interoperability across crypto projects.
In addition to strengthening the link between the DeFi platforms, the DAO financing of Polygon aims to create digital wallets and institutional on-ramps. Examples of newly authorized DAO crypto-projects include Quickswap, SushiSwap, Aave, and Chainlink.
An additional DeFi adoption rate may also arise when Polygon fuses with the 0x protocol. The collaboration intends to finance projects that leverage the 0x APIs by using the $10 million DAO.
Selection of Committee Members
Polygon performed a thorough study of how the DAO idea needs implementation. Firstly, token holders of the DeFi community vote on different proposals leading to the ecosystem.
On sites like BarnBridge, Compound, and many others, this technique is popular. In addition, after their appointment, the DAO idea includes the election of representatives from the network to operate in groups or commissions.
Remember, these representatives are chosen by the community. Moreover, Polygon acknowledges that members may not, in most cases, share identical views or objectives.
The scaling solution thus aims to launch the DAO concept by allowing committee members to advocate for its proposition. The members of the Council are also granted a three-month campaign term and may suffer cancellations if the Council does not vocalize their idea.