Polygon Planning To Form Decentralized Autonomous Organization For DeFi Space

Polygon, the Ethereum scaling protocol and framework provider, recently mentioned that it will put up a decentralized autonomous organization for the decentralized finance domain.

Polygon’s primary objective is for the decentralized autonomous organization to attract over one hundred million users and invite this community to have a say in its continuing DeFi development, as per a recent emailed announcement.

Establishing a decentralized autonomous organization is “the next logical step” to assist the collaboration between blockchain-based systems, given the existence of projects like SushiSwap, Aave, and Curve already using the Polygon network as a scaling solution.

Notably, Polygon will use some of its one hundred million dollars worth of #DeFiforAll Fund for the process. Recently, in the first blockchain network and token merger, Polygon has completed the acquisition of Hermez, which is a ZK-rollup platform. The acquisition combined with the decentralized autonomous organization formation will help Polygon’s further decentralization beyond its POS model to become a cross-chain protocol.

Moreover, as per a recent DeFi report by ConsenSys, the twenty largest decentralized autonomous organizations hold a combined twenty billion dollars worth of virtual currencies.