Polygon has introduced the inaugural season of its Community Grants Program to support initiatives being developed within the Polygon and Ethereum ecosystems.
As per a press release shared with crypto.news, commencing on June 11th, the project will allocate 35 million MATIC tokens to developers working on Polygon. During the first season, the funds will be distributed in MATIC due to the network’s token upgrade to POL. Subsequent grants will be distributed in POL.
In order to be eligible for the grants, projects must either be operating on Polygon or be willing to transition to the network. One of the primary objectives of the grant is to ensure a long-term commitment to the network.
The approval process for the grant will have an average turnaround time of four weeks, with applications being reviewed continuously. Each project has the potential to receive funding ranging from 5,000 to over 50,000 MATIC tokens.
During the initial season, up to 35 million MATIC tokens will be infused into the network. Grant payments will be 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 will be suitable for a wide range of projects without significant limitations.
“For anyone, anywhere, working on anything on Polygon—this opportunity is for you,” the announcement stated.
Projects falling under this category will concentrate on key areas such as developer tools, protocol infrastructure, and decentralized applications (dApps).
Additionally, the Consumer Crypto Track will focus on projects that promote consumer adoption of cryptocurrency. Key areas of focus will include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, and NFT innovations.
This categorization of projects will streamline the application process and ensure that appropriate support is provided to each applicant.
All fund allocations will be overseen by the Community Treasury Board, an independent entity responsible for distributing funds from the Community Treasury. The board was established in April and proposed members include Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim, and David Gogel from the dYdX foundation.
The board will conduct monthly reviews of projects selected for grants. The Community Treasury plans to allocate around 100 million POL tokens annually over a ten-year period, totaling 1 billion POL.
Several projects have already received funding from Polygon, including QuickSwap, a decentralized exchange on Polygon, which was awarded a $1 million grant in 2021.
Polygon’s Community Grants Program follows its acquisition of blockchain startup Toposware. With this acquisition, the entity behind MATIC aims to enhance its Zero-knowledge development.
For more information, check out:
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