ZKsync has introduced a decentralized governance model on its mainnet, allowing community members to influence protocol development.
The roll-up that is interoperable with the EVM ZKsync has implemented its decentralized governance model, which allows community members to influence the protocol’s development actively. The live mainnet implementation of the new governance system includes on-chain contracts that are designed to enhance transparency and fortify decision-making processes.
The Governance Structure
The governance of ZKsync is organized around three distinct groups: the Token Assembly, Security Council, and Guardians. Each group is responsible for a specific function in order to maintain checks and balances.
The Token Assembly, which is composed of token holders and their delegates, has the ability to propose and vote on protocol enhancements. This decentralized system enables on-chain decision-making, thereby preventing any single group from obtaining complete control.
In order to safeguard the technical integrity of the protocol, the Security Council is indispensable. It is composed of auditors and engineers who evaluate and approve upgrades, particularly those that address security risks.
Simultaneously, the Guardians are accountable for guaranteeing that all proposals are consistent with ZKsync’s core principles and have the power to veto any decisions that contradict the community’s mission.
Principles of Decentralized Governance
ZKsync’s governance model is founded on the principles of decentralization, resilience, and alignment with its mission. It maintains the community’s ability to verify decisions without relying on trust and to take action when necessary, thereby empowering them to fork or exit.
The protocol can continue to evolve independently in the event that one governing body encounters issues, as a result of the system’s integrated safeguards.
The governance system mandates that all participants adhere to shared values, as outlined in the ZK Credo, which delineates the fundamental principles of the ZKsync ecosystem.
This structure encourages the equitable distribution of power, involving a variety of Ethereum communities worldwide to prevent the centralization of authority.
Governance Proposals and a Forward Course
Governance bodies at ZKsync work together to manage three primary categories of proposals: ZKsync Improvement Proposals (ZIPs) for protocol upgrades, Token Program Proposals (TPPs) for the management of ZK token features, and Governance Advisory Proposals (GAPs) for off-chain decisions.
The system remains decentralized by undergoing technical evaluation by the Security Council and scrutiny from the Guardians for each proposal.
The governance system’s inauguration follows significant milestones for ZKsync, including the Era mainnet launch in March 2023 and the release of the ZK token with an airdrop in June 2024.
ZKsync has encountered a decline in transaction activity, with the seven-day moving average of daily transactions declining by 85% since the start of the year, despite these advancements.
ZKsync is making significant strides toward a community-powered future with the implementation of this new governance system, which is a significant milestone in the project’s pursuit of a decentralized and transparent protocol.
