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It owes its name to the obelisk erected in 1903 to commemorate the centennial of Ticino independence as well as its entrance in the Swiss Confederation. The monument, placed in the centre of the open square, has a pedestal adorned with four allegorical bronze reliefs.
The Chiesa di San Rocco, built on the foundations of a pre-existent 14th century worship building, overlooks the square. In 1583 it became the base of the San Rocco confraternity, depicted on the facade. Inside there are decorative stuccoes from the 18th century and paintings from the 17th century.
Until 1857, people could access the square through Porta Lugano but now, of that entrance, you can only see some signs on the pavement.