Polygon, the network for layer-2 scaling, has recently introduced an innovative Community Grants Program, allocating 1 billion POL tokens (formerly known as MATIC) to ecosystem developers over the next decade.
The program, now live, was unveiled by Polygon Labs in a recent announcement. In a blog post, Polygon Labs stated, “Following the agreement of the community, the Community Treasury has been established, with 1 billion POL tokens unlocked over a 10-year period, equating to around 100 million POL tokens per year—all dedicated to builders.”
As a result, Season 01 of the program is currently accepting applications, with 35 million MATIC tokens earmarked for projects building on the L2 network. At the current price of MATIC, this amounts to approximately $23 million designated to support developers seeking to enhance Polygon’s ecosystem.
The responsibility for distributing the funds lies with the impartial Community Treasury Board, as announced by the platform. Additionally, Polygon will adopt an open, community-focused funding approach, with professional Grant Allocators assisting in the allocation of Season 01 funds.
Who is eligible to participate?
Projects interested in benefiting from the grants program must meet two key criteria: they must either be developing on Polygon or be prepared to transition their projects to the blockchain platform. It is also essential that the projects have a long-term development outlook.
Polygon has provided two pathways for projects to participate— the “General Grant Track,” which is aimed at developers focusing on tooling and infrastructure on Polygon, and the “Consumer Crypto Track,” which will concentrate on consumer-oriented projects such as gaming, decentralized social platforms, gamified commerce, AI/blockchain integration, and NFT innovations.
What is the purpose of the Community Grants Program?
According to Polygon Labs, the primary goal of the CGP is to provide support to developers during the development phase, rather than after the completion of projects. “Delaying funding until a project is completed and operational overlooks a crucial aspect of true innovation: the ability to take risks. With Polygon CGP, innovative early-stage developers can access the necessary funding at the right time,” wrote Polygon Labs in the blog post.
Applications for Season 01 are now being accepted, starting from June 11th and closing on August 31st, 2024.