Polygon is introducing a new governance architecture for its ecosystem, with the goal of achieving decentralized control. The architecture will be supported by three pillars: the core protocol, smart contracts, and community treasury governance. Polygon intends to include its ethos and community-building tactics, drawing influence from Ethereum’s governance frameworks. The Polygon Improvement Proposal (PIP) framework extension, an ecosystem council for smart contract updates, and two-phase community treasury governance for funding ecosystem initiatives are among the key features. The team wants stakeholders to help shape its governance by offering a visionary structure for decentralized ownership and decision-making over all Polygon protocols and the ecosystem.
Shinhan Bank in South Korea has successfully concluded a feasibility test for stablecoin remittance payments utilizing Hedera’s distributed ledger technology. The initiative attempted to address cross-border payment difficulties such as excessive costs, long settlement periods, and a lack of tracking tools. The pilot included SCB TechX, Siam Commercial Bank’s technological innovation business section, as well as other financial institutions. Shinhan Bank thinks stablecoins provide a low-cost, quick, and dependable alternative to move value across borders, expanding financial inclusion and enhancing access to financial services for individuals and companies in disadvantaged places. The stablecoin remittance pilot is Ethereum Virtual Machine (EVM) compatible and will be utilized by EVM-based stablecoin issuers in future pilots. The average cost of remittances according to the World Bank is 6%, and cross-border transfers sometimes incur strong middleman costs and take three to seven days to process. Shinhan Bank says that its stablecoin solution allows people and organizations to send and receive payments denominated in a local stablecoin at far cheaper rates than standard remittance methods.