Polygon (POL, formerly MATIC) price is crashing by 38% year-to-date, suffering a high-time frame hit with the rebranding. Additionally, recent developments related to Polygon’s and Aave’s (AAVE) governance proposals have brought more turmoil to POL price this week.
In particular, Allez Labs, Morpho Labs, and YearnFi have come together to make a governance proposal for Polygon’s bridged stablecoins. According to the pre-PIP, these DeFi protocols want to activate the $1.3 billion in stablecoin reserves of the PoS bridge.
Pre-PIP: Polygon PoS Bridge Liquidity Program. Source: Polygon Governance
The community, however, received this proposal with bad eyes, bringing fear, uncertainty, and doubt regarding the safety of users’ assets. Comments in the Polygon Foundation’s related post talk about how this is “not a good idea,” “the worst idea ever,” or a “terrible idea from a risk-awareness perspective,” said Torgin, auditor at Chain Security.
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