- Polygon users can now create and manage DAOs more easily, quickly, and affordably
- Aragon Client, which is an Ether-based project that makes the creation management of DAOs easy and cost-effective, is now live on the Polygon network
- Web3 community is aspiring and outpacing Ether blockchain network
- The recent deployment will benefit Aragon’s users from composability with the thriving blockchain ecosystem
Polygon which was formerly known as Matic Network is an Ethereum based full-stack scaling solution bringing mass adoption to the Ether blockchain. Since its establishment, the blockchain network has performed tremendously and enticed several eyes towards itself. Recently it was announced that Aragon Client, which is an Ether-based project that makes the creation management of DAOs easy and cost-effective, is now live on the Polygon network. Hence the deployment of Aragon Client will help Polygon’s users to create and manage DAOs more easily, quickly, and affordably.
Web3 communities evolution is outpacing
Following the recent scenario, it is assessed that the transition of the Web3 community is aspiring. Moreover, the achievements have outpaced the current potential of Ether blockchain, making decentralized autonomous organization (DAO) management and voting prohibitively expensive.
The recent deployment of Aragon on the Polygon ecosystem will ensure near-zero gas fees for the creation of such decentralized organizations’ creation, management, and voting on Aragon. In contrast, the recent deployment also helps perform faster transactions and renders a seamless user experience.
Polygon will also help Aragon’s users
The recent deployment will benefit Aragon’s users from composability with the thriving blockchain ecosystem. Such benefits include some of the leading decentralized finance (DeFi) projects. It is noteworthy that the Ethereum based project is using the Polygon ecosystem as a full-stack scaling solution.
Integration of such an ecosystem brings more than a 5k fold reduction in the cost of DAO creation. Indeed, from a well more than $500 on Ether, to about just $0.1 on Polygon. Hence, we can consider the deployment as a game-changer for DAOs.
Ether was not built for DeFi at scaling
According to Sandeep Nailwal, the co-founder of the Polygon network, Ethereum has evolved the default blockchain for benefiting the burgeoning DeFi world. Hence, the evolution stimulates anyone, including the unbanked, to access key financial services like savings, lending, and insurance. However, Ether was not designed for the industry at scale, which is why Polygon PoS is designed.
Why is the scaling provider soaring?
Offering the loftiest aid from Day 1 for any developer, Polygon network is the most developer-friendly platform after Ether. The ecosystem is providing its rapidly growing developer community with access to their favorite tools, including Hard Hat, Truffle, Metamask, Etherscan, and more.
Therefore, Polygon is witnessing a surge in innovative projects, like Aragon, launching on its platform. Presently, there are more than 500 decentralized applications (dApps) in the ecosystem including Sushiswap, Curve, Aave, Balancer, Kyber, the highest number compared to chains outside of Ether.
DAO is the next logical step to aid coalitions
The announcement follows Polygon indicating its plans to formulate a DAO for the DeFi sector to accelerate DeFi transition and encourage onboarding of the next 1 million users into DeFi on the network.
With the majority of Web3 projects already wielding Polygon’s PoS chain as their preferred scaling solution, creating a DAO was the next apparent step to aid alliance and composability between blockchain-based systems, which are the two integral elements for the success of Web3.