Polygon has NOT entered elite crypto territory

I saw the post about "Polygon has entered elite crypto territory" and having looked into Polygon quite a bit recently I feel it's worth it to show the other side of the argument

Polygon is doing a lot of business. However, we're in crypto. Of primary importance is decentralization. Yet the Polygon admin key needs just 5 people collaborating to compromise it, and 4 of those keys (out of a total of 8 keys) are held by the founders.

I am personally not very happy with needing 5 people to compromise a $13 bln market cap. All the more so when 4 keys are held by the founders and the other 4 are held by parties that are literally chosen by Polygon.

What power does this give the multisig holders? They can change the rules of Polygon. They can literally empty out the entire Polygon contract. They can censor transactions.

We also don't even know how they secure these admin keys. To anyone that's used a multisig, you'll know that it's hard to sign with all multisig parties without exposing keys to each other. We don't know their security protocol for this, it might be the case 1 of the 8 parties knows more than 1 key already. DeFiWatch requested disclosure about their protocols around this, the Polygon team refused to respond. A year later they released a "transparancy report" where they did not mention any aspect of operational security.

Yes, Polygon has been growing fast. But it's also a disaster waiting to happen, and everyone needs to be careful and do their research if they're considering holding it.