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Polygon Community Rejects Proposal for Stablecoin Reserve Deployment
According to BlockBeats, on December 18, the Polygon community members have rejected an initial proposal, also known as a pre-PIP, which suggested deploying over $1 billion in stablecoin reserves to generate yield. This proposal was put forward by Web3 risk provider Allez Labs in collaboration with DeFi protocols Morpho and Yearn. The aim was to leverage approximately $1.3 billion in DAI, USDC, and USDT reserves within the PoS Chain bridge to earn returns.
Polygon stated that community members expressed concerns over security issues and the lack of an opt-in mechanism for affected users, leading to doubts about the proposal's feasibility. Given the community's reservations, it appears unlikely that the proposal will be approved. However, this does not preclude Polygon from exploring innovative or even bold ideas in the future.
Polygon stated that community members expressed concerns over security issues and the lack of an opt-in mechanism for affected users, leading to doubts about the proposal's feasibility. Given the community's reservations, it appears unlikely that the proposal will be approved. However, this does not preclude Polygon from exploring innovative or even bold ideas in the future.
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