Aragon deploys on Polygon (MATIC) to optimize DAO creation ๐จ This article is 3 years old...
News โธ Polygon โธ Technology
Aragon deploys on Polygon (MATIC) to optimize DAO creation
Users will be able to create and manage DAOs more easily, quickly, and affordably with Aragon Client now live on Polygon.
2 min read
Updated: Feb. 20, 2022 at 2:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polygon, an Ethereum-based full-stack scaling solution bringing mass adoption to the Ethereum platform, announced last week that Aragon Client, an Ethereum-based project that makes the creation and management of decentralized autonomous organizations (DAOs) easy and cost-effective, is now live on the Polygon PoS network.
The growth of Web3 communities has outpaced the current capacity of Ethereum, making DAO management and voting prohibitively expensive. By joining the Polygon ecosystem, Aragon can now ensure near-zero gas fees for DAO creation, management, and voting on Aragon, as well as faster transactions and a seamless user experience.ย
Bringing Polygon to Aragon
Aragon users will also benefit from composability with Polygonโs booming ecosystem, which includes some of the worldโs leading decentralized finance (DeFi) projects, such as Aave, Slingshot, and Sushi.
Aragon is using Polygon as a full-stack scaling solution. Integrating with Polygon brings more than a 5000x reduction in the cost of DAO creation, from well over $500 on Ethereum, to around $0.1 on Polygon. This is a game-changer for DAOs.”
Polygon shares Aragonโs vision for an open, borderless, and decentralized world. Polygon is trusted by hundreds of crypto projects and has a huge amount of traction, especially in the DeFi space where, for example, there are three times more SushiSwap users on Polygon than on Ethereum.
“Ethereum has become the default blockchain for supporting the burgeoning DeFi economy that enables anyone, including the unbanked, to access key financial services like savings, lending, and insurance,” stated Sandeep Nailwal, co-founder of Polygon. He added:
“But, Ethereum was not designed for DeFi at scale, which is why we built Polygon PoS โ to provide a solution to Ethereum’s scalabilityโ
Offering the highest support from Day 1 for any developer, Polygon PoS is the most developer-friendly platform after Ethereum, providing its rapidly growing developer community with access to their favorite tools, including Hardhat, Truffle, Metamask, Etherscan, and more.ย
Thatโs why Polygon is witnessing a surge in innovative projects, like Aragon, launching on its platform. Currently, there are more than 500 Dapps in the Polygon ecosystem including Sushiswap, Curve, Aave, Balancer, Kyber, the highest number compared to chains outside of Ethereum.
The announcement follows Polygon revealing its own plans to create a DAO for the DeFi sector to accelerate DeFi growth and help onboard the next 1 million users into DeFi on Polygon.
With the majority of Web3 projects already using Polygon’s PoS chain as their preferred scaling solution, creating a DAO was the next logical step to aid collaboration and composability between blockchain-based systems โ two crucial facets for the success of Web3.
Latest Polygon Stories
Featured Story
Advertise Here
In this article
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.