As a seasoned analyst with years of experience in the blockchain industry, I find ZKsync’s decentralized governance model to be a commendable step towards fostering a more inclusive and transparent ecosystem. The three-body structure ensures a balanced power distribution, which is crucial for maintaining checks and balances within any system.
ZKsync, a blockchain rollup that’s compatible with EVM, has initiated its decentralized governance structure, giving community members the opportunity to influence the direction of the protocol’s development directly. This new governance mechanism is now operational on the main network, and it includes smart contracts on the blockchain designed to boost transparency and enhance decision-making procedures.
A Three-Body Governance Structure
ZKsync’s governance is organized into three separate entities: the Token Assembly, Security Council, and Guardians, each with unique duties to maintain a balance of power. The Token Assembly, comprising token owners and their representatives, can suggest and vote on changes to the protocol. This decentralized system enables decisions to be made directly on the blockchain, thereby preventing any single group from holding absolute control.
As a researcher involved in the ZKsync project, I cannot underscore enough the crucial role of the Security Council in safeguarding the technical authenticity of our protocol. This council, made up of skilled engineers and auditors, meticulously reviews and endorses any proposed upgrades, particularly when it comes to mitigating security risks. Simultaneously, the Guardians are tasked with ensuring that every proposal adheres to ZKsync’s core values, possessing the authority to veto decisions that deviate from our community’s mission.
Decentralized Governance Principles
ZKsync’s governance structure is built upon the values of robustness, distributed control, and adherence to its objectives. It grants the community the authority to split or depart at will, enabling them to scrutinize decisions without relying on trust, and intervene when necessary. Integrated safety measures are in place to ensure that if a governing entity faces problems, the protocol can still advance autonomously.
In line with the beliefs outlined in the ZK Credo (the fundamental principles guiding the ZKsync environment), our governance model demands that all members adhere to common values. This system encourages a fair distribution of power, inviting Ethereum communities from around the globe to participate and prevent any concentration of control.
Governance Proposals and a Path Forward
As a researcher, I’m involved in studying the collaborative process within ZKsync’s governance structure. We primarily focus on three categories of proposals: ZKsync Improvement Proposals (ZIPs) for enhancing our protocol, Token Program Proposals (TPPs) for managing token-related features, and Governance Advisory Proposals (GAPs) to make off-chain decisions. Both the Guardians and the Security Council conduct thorough reviews of these proposals to maintain a decentralized system.
As an analyst, I’m sharing insights on the recent development of ZKsync’s governance system. Following significant achievements such as the Era mainnet launch in March 2023 and the release of the ZK token with an airdrop in June 2024, this system is being introduced. However, it’s important to note that transaction activity on ZKsync has decreased significantly over the past year. Specifically, the seven-day moving average of daily transactions has dropped by approximately 85% since January.
Under the latest administrative structure, ZKsync is progressing towards a future driven by the community, signifying a substantial advancement in its mission to construct a fully decentralized and transparent protocol that upholds transparency.
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2024-09-13 11:12