Polygon invests 35 million MATIC in supporting projects that are developing on its network
Polygon has just launched the inaugural season of its Community Grants Program to support projects that are being developed within the Polygon and Ethereum ecosystems.
As per a press release shared with crypto.news, the project will kick off on June 11 and will provide 35 million MATIC to developers working on Polygon.
During the first season, the funds will be distributed in MATIC as the network undergoes a token upgrade to POL. In the future, grants will be given out in POL.
In order to be eligible for the grants, projects must be either building on Polygon or be open to migrating to the network. One of the main objectives of the grant is to ensure a long-term commitment to the network.
Grant approvals are expected to have an average turnaround time of four weeks, with applications being reviewed continuously. Each project can receive funding ranging from 5,000 to over 50,000 MATIC.
In the initial season, up to 35 million MATIC will be injected into the network, with grant payouts scheduled for the first of each month following approval.
Applications will be divided into two categories: the General Grant Track and the Consumer Crypto Track.
The General Grant Track is suitable for a wide variety of projects and has minimal restrictions. “For anyone, anywhere, building anything on Polygon – this is for you,” the announcement stated.
Projects in this category will focus on key areas such as developer tools, protocol infrastructure, and decentralized applications (dApps).
On the other hand, the Consumer Crypto Track will concentrate on projects that promote consumer adoption of cryptocurrency. Key areas of focus will include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, NFT innovations, and more.
This categorization of applications will streamline the process and ensure that each applicant receives the appropriate level of support.
All allocations will be overseen by the Community Treasury Board, an independent body responsible for distributing funds from the Community Treasury. The board was established in April and includes members like Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation.
The board will conduct monthly reviews of the projects selected for grants.
Over a ten-year period, the Community Treasury will distribute approximately 100 million POL annually, totaling 1 billion POL.
Numerous projects have already been funded by Polygon, including QuickSwap, a decentralized exchange on Polygon, which received a $1 million grant in 2021.
Polygon’s Community Grants Program follows its recent acquisition of blockchain startup Toposware. With this acquisition, the team behind MATIC aims to enhance its Zero-knowledge development.
