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Polygon: No to the proposal to reuse Stablecoins
By Daniele Corno
Stablecoins on the bridge do not annuitize: Polygon community's clear NO to proposal submitted
The community's NO
The Polygon community has rejected the proposal to invest over $1 billion in stablecoins present on the Polygon Bridge. Proposal that we have talked about extensively in our Telegram channel.
The plan was to use DAI, USDC and USDT reserves from the PoS bridge to earn returns. The proposal was put forward by Allez Labs together with the DeFi Morpho and Yearn protocols . The proposal immediately drew opposing reactions from community members. They raised concerns about security and the lack of an opt-in system for uninterested users.
Polygon responded by listening to the concerns, announcing that the proposal will not go forward. At the same time, it stated that it remains open to new ideas in the future. In fact, governance, as the developers pointed out, is a key issue for progress and for the reliability of the network.
Tensions between Polygon and Aave
In earlier days, the AAVE Chan teamquestioned the proposal. Marc Zeller, a key contributor, proposed to shut down the Aave v2 and v3 protocols on Polygon. According to Zeller, the security risks were too high. His proposal comes as a precautionary measure to protect community funds.
Polygon responded by criticizing Aave‘s leadership , calling their position “disappointing.” According to the team, Aave would only react after the growth of competitor Morpho, which is gaining more and more traction.
Stani Kulechov, founder of Aave, on the other hand, defended the proposal, recalling that 40 percent of the total value locked on Polygon is managed by Aave itself. In addition, he pointed out that the protocol could have offered solutions with more control over the funds while providing more security.
The situation, however, remains tense, and it is now up to the Aave community to decide whether to permanently withdraw from the Polygon PoS chain.
