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Polygon launches new grant program with 1 billion POL
Polygonthe Layer 2 Scalability Network, announced a new community grants program, with 1 billion POL tokens (rebranding of the current MATIC) awarded to ecosystem developers over the next ten years.
Polygon Labs revealed Tuesday that its program is now live. Polygon Labs said in a blog post: “Following community consensus, the Community Treasury was created, with 1 billion POL unlocked over 10 years, with approximately 100 million POL per year, all for builders.”
As a result, Season 01 of the program is now open, with 35 million MATICs earmarked for distribution to L2 network-based projects. At MATIC’s current prices, that’s about $23 million intended to benefit builders looking to expand Polygon’s ecosystem.
The distribution of the funds is up to the “neutral Community Treasury Board”, the platform announced.
Polygon will also follow an open, community-aligned funding model, with professional grant allocators helping to allocate Season 01 funds.
Who is eligible?
Projects wishing to benefit from the grant program must meet at least two conditions:
First, they must be based on Polygon or, if not, be willing to migrate their projects to the blockchain platform. Equally important is that the projects must be about long-term construction.
Polygon has opened two avenues for participating projects: the “General Grant Track,” which is aimed at builders looking at developer tools and infrastructure on Polygon.
Meanwhile, the “Consumer Crypto Track” will focus on consumer-centric projects, including gaming, decentralized social, gamified commerce, AI/blockchain integration, and NFT innovations.
Why the Community Grants Programme?
According to Polygon Labs, the main goal of CGP is to support developers. The best time to do this is while they are building, not long after the plans are released.
“Waiting until a project is finished being built and producing results misses a key element of true innovation: the opportunity to take risks. With Polygon CGP, dynamic early-stage builders can get the financing they need when they need it,” Polygon Labs wrote in the blog post.
Registrations for Season 01 opened today, June 11th and will close on August 31st 2024.