Bitcoin
$42,239.20-5.49%
Ethereum
$2,906.37-7.70%
XRP
$0.929759-6.45%
Cardano
$2.24-1.25%
Polkadot
$30.30-5.90%
Stellar
$0.279688-6.95%
Dogecoin
$0.208434-6.36%
Chainlink
$22.65-9.08%
Uniswap
$19.74-7.80%
Polygon
$1.12-7.85%
Algorand
$1.81-10.18%
Cosmos
$39.79-7.07%
Litecoin
$149.16-8.73%
Bitcoin Cash
$507.47-7.39%
Wrapped Bitcoin
$42,253.47-5.25%
The Graph
$0.706835-3.32%
Filecoin
$63.17-14.76%
Tron
$0.091946-6.80%
Ethereum Classic
$47.04-7.83%
Tezos
$6.72+2.90%
Aave
$280.64-8.37%
Monero
$231.85-6.84%
NEO
$39.31-9.58%
EOS
$4.00-8.04%
IOTA
$1.26-8.54%
BitTorrent
$0.003271-6.64%
Waves
$26.04+5.10%
Bitcoin SV
$135.61-6.97%
Maker
$2,280.74-11.00%
Dash
$164.71-9.81%
Decentraland
$0.694100-5.96%
Decred
$113.42-5.59%
ICON
$1.57-6.94%
NEM
$0.147646-7.92%
Zcash
$109.69-10.36%
OmiseGO
$9.06-6.54%
Paxos Standard
$0.999882+0.75%
NuCypher
$0.272185-8.61%
Yearn Finance
$28,476.88-8.66%
Qtum
$9.81-8.91%
Bitcoin Gold
$52.09-6.95%
Ren
$0.978834+15.21%
Basic Attention Token
$0.643840-8.77%
0x
$0.905600-7.90%
Fetch.ai
$0.775078-4.94%
Kava.io
$5.86+1.71%
Bancor
$3.41-7.03%
Band Protocol
$7.33-7.23%
Siacoin
$0.014810-10.09%
Nano
$4.67-8.29%
Loopring
$0.380060-7.58%
Civic
$0.469917-6.72%
Storj
$1.08-7.72%
Numeraire
$41.37-4.52%
Lisk
$2.80-9.09%
Orchid
$0.319299-8.34%
PAX Gold
$1,758.72-0.07%
Enzyme
$133.81-9.08%
Augur
$20.72-9.07%
Aragon
$4.68-9.31%
district0x
$0.146930-9.30%
Kyber Network
$1.44-8.67%
SingularDTV
$0.001273-7.39%
Tether
$1.00+0.02%
USD Coin
$1.00-0.00%
Dai
$1.00+0.02%

Polygon to Form Decentralized Autonomous Organization

Polygon's aim is for the DAO to attract 100 million users.

Aug 19, 2021 at 3:23 p.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC

Ethereum scaling solution Polygon said it will build a decentralized autonomous organization (DAO) for the decentralized finance (DeFi) sector.

  • Polygon's aim is for the DAO to attract 100 million users and invite this community to have a say in its ongoing DeFi development, according to an emailed announcement Thursday.
  • Forming a DAO is "the next logical step" to aiding collaboration between blockchain-based systems, given the presence of projects such as SushiSwap, Curve and Aave already using Polygon as a scaling solution.
  • It will use some of its $100 million #DeFiforAll Fund for the process.
  • Polygon recently acquired ZK-rollup platform, Hermez, in the first blockchain network and token merger. The acquisition combined with the DAO formation will facilitate Polygon's further decentralization beyond its proof-of-stake model to become a cross-chain protocol.
  • A recent DeFi report by ConsenSys found that the 20 largest DAOs hold a combined $20 billion worth of digital assets.

UPDATE (AUG. 19, 15:46 UTC): Adds move to cross-chain protocol, ConsenSys report.

UPDATE (AUG. 19, 17:25 UTC): Adds information about the acquisition of Hermez.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...