Share this article
Polygon to Form Decentralized Autonomous Organization
Polygon's aim is for the DAO to attract 100 million users.
Updated Sep 14, 2021, 1:42 p.m. Published Aug 19, 2021, 3:23 p.m.
Ethereum scaling solution Polygon said it will build a decentralized autonomous organization (DAO) for the decentralized finance (DeFi) sector.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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.
Read more: Polygon’s New Gaming Studio Launches With Cricket NFT Platform
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Polkadot Rises 4% as Crypto Markets Stabilize
The token has support at the $2.19 level and resistance at $2.39.
What to know:
- DOT climbed from $2.13 to $2.21 in the last 24 hours.
- An exceptional volume surge of 15.89M tokens drove a breakout attempt before momentum faded.
- The token consolidated around the $2.19-$2.20 zone with resistance capping gains near $2.39.
Top Stories
