Dubai, 2 September 2021 – Polygon, an Ethereum-based full-stack scaling solution bringing mass adoption to the Ethereum platform, today announces 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.
Aragon users will also benefit from composability with Polygon’s booming ecosystem, which includes some of the world’s leading decentralized finance (DeFi) projects, such as Aave, Slingshot, and Sushi.
Luis Cuende, Co-Founder and Executive Director at the Aragon Association, said: “Joining the Polygon PoS ecosystem marks an incredible step towards the evolution of DAOs. Empowering users to deploy fast and efficient DAOs directly onto Polygon with their existing Web3 wallet and by connecting to Polygon PoS, rather than requiring a vinculum, is a groundbreaking step forward.
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 Aragon’s 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.
Sandeep Nailwal, Co-Founder of Polygon, added: “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. But, Ethereum was not designed for DeFi at scale, which is why we built Polygon PoS – to provide a solution to Ethereum’s scalability”
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.
That’s 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 – two crucial facets for the success of Web3.