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Polygon commits 35 million MATICs to grow projects based on its network
Polygon unveiled Season 01 of its community grants program to support projects built within the Polygon and Ethereum ecosystems.
According to a press release shared with crypto.news, starting June 11, the project will award 35 million MATICs to developers working on Polygon.
For the first season, funds would be distributed in MATIC due to the network’s continuous token upgrade to POL. Subsequently, future financing will be distributed in POL.
For projects to be eligible, they must be based on Polygon or willing to migrate to the network. One of the objectives of the grant is to ensure a long-term commitment to the network.
Grant approval would take an average processing time of four weeks, with applications reviewed on an ongoing basis. Each project can guarantee funding of between 5,000 and over 50,000 MATIC.
In the first season, up to 35 million MATICs will be introduced into the network. Grant payments would be scheduled for the first of each month following approval.
The questions would be classified into two, namely the General Grant Track and the Consumer Crypto Track.
The general grant route would be applicable to a wide range of projects and has no serious limitations.
“For anyone, anywhere, building anything on Polygon, this is for you,” the ad said.
Projects in this category will focus on key areas such as developer tools, protocol infrastructure, and decentralized applications (dApps).
The consumer cryptocurrency track, however, will focus on projects that drive consumer adoption of cryptocurrency. Key areas of interest include gaming, gamified commerce, decentralized social platforms, AI/blockchain integrations, NFT innovations, etc.
This categorization simplifies the application process and ensures that adequate support is provided to each applicant.
All allocations would be overseen by the Community Treasury Board, an independent body responsible for allocating Community Treasury funds. The advice was introduced in Aprilwith proposed members including Quickswap founder Roc Zacharias, Coinbase Wallet creator Peter Kim and David Gogel of the dYdX foundation.
The board will be responsible for conducting monthly reviews of projects selected for the grant.
The Community Treasury will allocate approximately 100 million POL per year for a period of ten years, for a total of 1 billion POL.
Several projects have already received funding from Polygon. Notable names include QuickSwap, a decentralized exchange on Polygon, which received a $1 million grant in 2021.
Polygon’s community grants program comes a few days later has acquired blockchain startup Toposware. With this acquisition, the entity behind MATIC aims to strengthen its zero-knowledge development.