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.
- The DAO will see Polygon go 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.