Polygon introduces new grants initiative featuring 1 billion POL tokens
Polygon, the innovative layer-2 scaling network, has introduced an exciting new initiative known as the Community Grants Program, which will see 1 billion POL tokens (the rebranded version of the current MATIC) distributed to ecosystem developers over the next decade.
The unveiling of the program by Polygon Labs took place on Tuesday, marking the official launch. In a recent blog post, Polygon Labs stated: “In alignment with community feedback, the Community Treasury has been established, with 1 billion POL tokens being unlocked gradually over the course of 10 years, equating to approximately 100 million POL tokens per year, all designated for builders.”
As a result, Season 01 of the program is now underway, with a generous allocation of 35 million MATIC tokens set aside for projects operating within the L2 network. At current MATIC valuations, this amounts to around $23 million earmarked to support builders seeking to enhance Polygon’s expanding ecosystem.
The responsibility of distributing these funds will rest with the impartial Community Treasury Board, as announced by the platform. Additionally, Polygon will adhere to an open and community-centric funding approach, with professional Grant Allocators assisting in the allocation of Season 01 funds.
Which projects are eligible to participate? To qualify for the grants program, projects must meet at least two criteria: they must either be developing on Polygon or be open to migrating their projects to the blockchain platform. Furthermore, it is essential that these projects have a long-term vision in mind.
Polygon has introduced two distinct tracks for projects to choose from when participating in the program. The “General Grant Track” is aimed at builders focusing on developer tooling and infrastructure within the Polygon network. Meanwhile, the “Consumer Crypto Track” will cater to projects with a consumer-centric focus, such as gaming, decentralized social platforms, gamified commerce, AI and blockchain integration, and NFT innovations.
What is the rationale behind the Community Grants Program? According to Polygon Labs, the primary goal of the CGP is to provide support to developers during the crucial building phase, rather than waiting until projects are fully operational and producing results.
“Delaying funding until a project is completed and operational overlooks a fundamental aspect of true innovation: the ability to take risks. With Polygon CGP, dynamic early-stage builders can access the necessary funding at the right time,” stated Polygon Labs in the blog post.
Applications for Season 01 are now open and will be accepted until August 31, 2024. Apply now to be part of this groundbreaking initiative.
