Polygon, the layer-2 scaling network, has introduced a fresh initiative known as the Community Grants Program, which will see 1 billion POL tokens (formerly known as MATIC) being distributed to ecosystem developers over the next decade.
The launch of the program was confirmed by Polygon Labs on Tuesday. In a recent blog post, Polygon Labs stated, “In line with the consensus of the community, the Community Treasury has been established, unlocking 1 billion POL tokens over a period of 10 years, with approximately 100 million POL tokens being released each year, all for the benefit of builders.”
As a result, Season 01 of the program has commenced, with 35 million MATIC tokens earmarked for projects operating on the L2 network. At current MATIC prices, this amounts to around $23 million being allocated to developers looking to enhance Polygon’s ecosystem.
The responsibility of distributing the funds rests with the impartial Community Treasury Board, as declared by the platform.
Additionally, Polygon will adhere to an open, community-focused funding model, with experienced Grant Allocators assisting in the allocation of Season 01 funds.
What are the eligibility criteria?
Projects seeking to take advantage of the grants program must satisfy at least two requirements: Firstly, they must either be developing on Polygon or be willing to transfer their projects to the blockchain platform. Equally important is the condition that the projects must have a long-term development focus.
Polygon has provided two avenues for interested projects to participate – the “General Grant Track,” intended for builders focusing on developer tools and infrastructure on Polygon, and the “Consumer Crypto Track,” which will cater to consumer-oriented projects such as gaming, decentralized social platforms, gamified commerce, AI/blockchain integration, and NFT innovations.
Why 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 waiting until projects are completed and operational. “By providing funding through Polygon CGP, innovative early-stage developers have the opportunity to take risks and receive the necessary financial support at the right time,” wrote Polygon Labs in the blog post.
Applications for Season 01 are now being accepted, starting from June 11 and closing on August 31, 2024.